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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/30/2024
Property Type
Property City
Richardson
Property State
TX
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$410,000
Loan-to-Purchase Price
82%
Borrower's Contribution to Purchase
18%
Source of Borrower's Contribution
Cash
Renovation Budget
$200,000
Renovation Budget Funded
82%
Borrower's Contribution to Budget
18%
After-Repair Value
$715,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Number of Units
1
Building Square Footage
2,654
Lot Square Footage
11,761
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
9.9%
Origination Points
3%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $500,500 1st lien position fix and flip loan for a single-family home in Richardson, Dallas County, TX. We funded 82% of the $200,000 renovation budget and $410,000 purchase price, while the Borrower contributed 18% cash of the entire project cost at closing. The after-repair value was estimated at $715,000 so our loan-to-after-repair value was 70%. The Borrower will be doing a cosmetic rehab of the home with some servicing of the utility systems and some demolition. The interior of the home will be getting new doors, insulation, paint, flooring, fire place, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new siding, paint, doors, driveway, pressure wash, landscaping, decking, gutters, sprinkler, fencing, and a rough/final clean before the home is listed on the market to sell. The subject property is approximately 2,654 square feet set in an 11,761-square-foot lot. The Borrower had good credit. The interest rate was 9.9% and we charged 3% origination points. The loan term was set at 6 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
Kelly Smith
Senior Account Executive