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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/20/2024
Property Type
Property City
Saint Petersburg
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget
$70,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$525,000
Loan-to-After-Repair Value
67%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Number of Units
1
Building Square Footage
1,538
Lot Square Footage
5,123
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 $352,750 1st lien position fix and flip loan for a single-family home in St. Petersburg, FL. The investor has already purchased the property with financing. We refinanced the previous loan and funded 100% of the $70,000 renovation budget. The after-repair value was $525,000 so our loan-to-after-repair value was 67%. The Borrower will be doing a full remodel of the subject property with some servicing of the utility systems and demolition. The interior of the home will be getting new doors, texture, drywall, insulation, paint, flooring, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new roofing, paint, doors, and landscaping before the home is listed on the market for sale. The subject property was approximately 1,538 square feet set in a 5,123-square-foot lot. The Borrower had good credit. They plan to sell the property as an exit strategy upon completion of the light rehab. The interest rate was 10.9% and we charged 3% origination points. The loan term was set at 9 months. This SFR fix and flip loan was funded in February 2024.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Gabe Correll
Account Manager