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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/12/2024
Property Type
Property City
Bethpage
Property State
NY
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$535,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$328,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$1,050,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11.50%
Origination Points
1.5%
Deal Summary
Bayport Funding, a balance sheet lender based in Long Island, funded a $735,000 1st lien position fix and flip loan for a single-family home in Bethpage, Nassau County, NY. We funded 85% of the $328,000 renovation budget and 85% of the $535,000 purchase price, while the Borrower contributed 15% cash respectively at closing. The after-repair value was estimated at $1,050,000 so our loan-to-after-repair value was 70%. The Borrower had good credit. They plan to list the home for sale upon completion of the light rehab. The interest rate was 11.50% and we charged 1.5% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in January 2024.
Funded By
Bayport Funding
Balance Sheet Lender for Residential & Multifamily Real Estate Investors
Dealmakers
Sharon Nachman
Director of Business Development