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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/20/2024
Property Type
Property City
Houston
Property State
TX
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$140,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$20,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$220,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Number of Units
1
Building Square Footage
1,364
Lot Square Footage
13,939
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $140,000 1st lien position fix and flip loan for a single-family home in Houston, TX. We funded 85% of the $140,000 purchase price and $20,000 renovation budget, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $220,000 so our loan-to-after-repair value was 70%. The subject property is approximately 1,364 set in a 13,939-square-foot lot. The Borrower had good credit. They plan to sell the property as an exit strategy upon completion of the cosmetic rehab. The interest rate was 10.9% and we charged 2% origination points. The loan term was set at 6 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
Kelly Smith
Senior Account Executive