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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/27/2024
Property Type
Property City
Harbert
Property State
MI
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$396,300
Loan-to-Purchase Price
75%
Renovation Budget
$56,700
Renovation Budget Funded
100%
After-Repair Value
$650,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
11.99%
Deal Summary
Park Place Finance, a direct private real estate lender, funded a $455,000 1st lien position fix and flip loan for a single-family home in Harbert, which is located in the Southwestern part of Michigan, very close to Indiana. The property is just one block from the waterfront of Lake Michigan. We funded 75% of the purchase price and 100% of the $56,700 renovation budget. The after-repair value was estimated at $650,000, so our loan-to-after-repair value was 70%. This is the Borrower’s third house flip project. The plan is to perform a cosmetic overhaul on the property, which is expected to take around 3 months. They intend to sell the home for a healthy profit upon completion. The interest rate was 11.99% and the loan terms were our standard 12-month term loan with interest-only payments and no prepayment penalty. This SFR fix and flip loan was funded in January 2024.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors
Dealmakers
Jackson Shea
Account Executive