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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/04/2024
Property Type
Property City
Leeds
Property State
AL
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$178,805
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$69,750
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$310,000
Loan-to-After-Repair Value
68%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
2,192
Lot Square Footage
22,651
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
9.9%
Origination Points
2.25%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $211,272 1st lien position fix and flip loan for a single-family home in Leeds, AL. We funded 85% of the $69,750 renovation budget and $178,805 purchase price, while the Borrower contributed 15% cash respectively at closing. The after-repair value was estimated at $310,000 so our loan-to-after-repair value was 68%. This seasoned Investor will be doing cosmetic updates to a unique A-frame home. The subject property is approximately 2,192 square feet set in a 22,651-square-foot lot. The Borrower had good credit. They plan to sell the property as an exit strategy. The interest rate was 9.9% and we charged 2.25% origination points. The loan term was set at 9 months. This SFR fix and flip loan was funded in March 2024.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Todd Russell
Senior Account Executive