Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/02/2024
Property Type
Property City
Columbia
Property State
SC
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$207,000
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Source of Borrower's Contribution
Cash
Renovation Budget
$90,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$345,000
Loan-to-After-Repair Value
62%
Renovation Project Scope
Light Rehab
Property Condition
Fair
Occupancy at Closing
Vacant
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 $214,000 1st lien position fix and flip loan for a single-family home in Columbia, SC, near Lake Murray. We funded 100% of the 90,000 renovation budget and 60% of the $207,000 purchase price, while the Borrower contributed 40% cash to the purchase at closing. The after-repair value was estimated at $345,000 so our loan-to-after-repair value was 62%. The Borrower plans to sell the property as an exit strategy. The Borrower had good credit and had experience flipping properties in the same area. 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.