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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/16/2024
Property Type
Property City
Columbia
Property State
SC
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$205,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$330,000
Loan-to-After-Repair Value
65%
Renovation Project Scope
Light Rehab
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
12%
Origination Points
2%
Deal Summary
Malve Capital, a real estate private lending fund, funded a $213,000 1st lien position fix and flip loan for a single-family home in Columbia, South Carolina, close to Lake Murray. We funded 100% of the $60,000 renovation budget and 75% of the $205,000 purchase price, while the Borrower contributed 25% cash to the purchase at closing. The after-repair value was estimated at $330,000 so our loan-to-after-repair value was 65%. The Borrower plans to sell the property as an exit strategy. The Borrower had good credit. They have worked on other house flip projects in the same area, close to the Lake. 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 January 2024.
Funded By
Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.