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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
12/21/2023
Property Type
Property City
King of Prussia
Property State
PA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$390,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$555,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,784
Lot Square Footage
14,000
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $382,500 1st lien position fix and flip lon for a single-family home in King of Prussia, PA. We funded 85% of the $60,000 renovation budget and $390,000 purchase price, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $555,000 so our loan-to-after-repair value was 70%. The Borrower will be doing a full cosmetic rehab of the subject with some servicing of the utility and plumbing systems and some demolition. The interior of the home will be getting new windows, doors, paint, tile/wood flooring, and updated kitchen/baths. The exterior of the home was in good condition and won’t need any renovation. Once the home has been completed, the Borrower plans to sell the property, which is approximately 1,784 square feet set in a 14,000-square-foot lot. The Borrower had good credit. The interest rate was 10.9% and we charged 2% origination points. The loan term was set at 9 months. This SFR fix and flip loan was funded in December 2023
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Joshua Brandt
Partner