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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/05/2024
Property Type
Property City
Atlanta
Property State
GA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$230,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$100,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$405,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,578
Lot Square Footage
13,068
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
10.9%
Origination Points
2.25%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $280,500 1st lien position fix and flip loan for a single-family home in Atlanta, GA. We funded 85% of the $100,000 renovation budget and 85% of the $230,000 purchase price, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $405,000 so our loan-to-value was 70%. The Borrower had previous experience with flipping properties, solid credit, and good cash reserves. They will be finishing out the full basement to convert the home to a 6-bedroom / 5-bath SFR. Upon completion of the rehab, they will be refinancing to keep the home as a long-term rental property. The subject property is approximately 2,578 square feet set in a 13,068-square-foot lot. The interest rate was 10.9% and we charged 2.25% origination points. The loan term was set at 9 months. This SFR fix and flip loan was funded in January 2024.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Stephen King
Account Executive