)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/12/2024
Property Type
Property City
Halifax
Property State
MA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$252,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$36,000
Renovation Budget Funded
80%
Borrower's Contribution to Budget
20%
After-Repair Value
$340,000
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
1,060
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.9%
Origination Points
3%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $230,400 1st lien position fix and flip loan for a condominium in Halifax, MA. We funded 80% of the $36,000 renovation budget and $252,000 purchase price, while the Borrower contributed 20% cash respectively at closing. The after-repair value was estimated at $340,000 so our loan-to-value was 70%. The Borrower will be doing a cosmetic rehab of this 2-bedroom 1.5-bath condominium with some servicing of the utility systems, new doors, trim, drywall, paint, flooring, appliances, and an updated kitchen/bathroom. The exterior will be getting new doors, decking, and a final clean. Once the renovation has been completed, the Borrower will put it on the market for sale. The condo unit is approximately 1,060 square feet. The Borrower had good credit. The interest rate was 10.9% and we charged 3% origination points. The loan term was set at 6 months. This fix and flip loan was funded in January 2024.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Luis Florentino
Account Executive