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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
12/29/2023
Property Type
Property City
Houston
Property State
TX
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$223,000
Loan-to-Purchase Price
90%
Borrower's Contribution to Purchase
10%
Source of Borrower's Contribution
Cash
Renovation Budget
$80,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$365,000
Loan-to-After-Repair Value
75%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,729
Lot Square Footage
9,861
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $272,700 1st lien position fix and flip loan for a single-family home in Houston, TX. We funded 100% of the $80,000 renovation budget and 90% of the $223,000 purchase price, while the Borrower contributed only 10% cash to the purchase at closing. The after-repair value was estimated to be $365,000 so our loan-to-after-repair value was 75%. In addition to the cosmetic rehab, the property will get some servicing of the utility systems and some demolition. The interior of the home will be getting new windows, doors, trim, drywall, insulation, paint, flooring, appliances, and an updated kitchen/bathroom. The exterior will be getting new framing, paint, and landscaping. Once the home has been completed, the Borrower put it on the market for sale. The subject property is approximately 2,729 square feet set in a 9,861-square-foot lot. The Borrower had good credit. The interest rate was 11.9% and we charged 2% origination points. The loan term was set at 12 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
Kelly Smith
Senior Account Executive