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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/27/2024
Property Type
Property City
Tampa
Property State
FL
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$258,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Renovation Budget
$55,000
Renovation Budget Funded
100%
After-Repair Value
$400,000
Loan-to-After-Repair Value
62%
Interest Rate
2.99%
Deal Summary
Park Place Finance, a direct private real estate lender, funded a $250,400 1st lien position fix and flip loan for a single-family home in Tampa, FL. We funded 100% of the $55,000 construction budget and 75% of the $258,000 purchase price, while the Borrower contributed 25% cash to the purchase at closing. The after-repair value was estimated at $400,000 so our loan-to-after-repair value was 62%. The Borrower is a first-time flipper, which we do consider. To make up for the lack of experience, newbie investors typically need to have lots of liquidity and a high credit score. The interest rate was 12.99%. The loan terms were our standard 12-month term loan with interest-only payments and no prepayment. This SFR fix and flip loan was funded in February 2024 and we have since helped the Borrower on another property in Tampa.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors
Dealmakers
Elliot Holmes
Account Executive