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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/01/2024
Property Type
Property City
Savannah
Property State
GA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$670,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$200,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,200,000
Loan-to-After-Repair Value
65%
Renovation Project Scope
Heavy Rehab
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,820
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
12%
Origination Points
2%
Deal Summary
Malve Capital, a real estate private lending fund, funded a $770,000 1st lien position fix and flip loan for a single-family home in Savannah, GA. We funded 100% of the $200,000 renovation budget and 85% of the $670,000 purchase price, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $1,200,000 so our loan-to-after-repair value was 65%. The Borrower had excellent credit. They plan to sell the property upon completion of the heavy rehab. The subject property is approximately 2,820 square feet. The interest rate was 12% and we charged 2% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in February 2024.
Funded By
Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.