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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/15/2024
Property Type
Property City
Fort Washington
Property State
MD
Loan Term (months)
6
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$355,000
Loan-to-Purchase Price
69%
Borrower's Contribution to Purchase
21%
Source of Borrower's Contribution
Cash
Renovation Budget
$50,000
Renovation Budget Funded
100%
After-Repair Value
$460,000
Loan-to-After-Repair Value
75%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
12%
Origination Points
3%
Deal Summary
Real Property Investment Partners (RPIP), a direct lender, funded a $345,000 senior lien position fix and flip loan for a single-family home in Fort Washington, MD. We funded 100% of the $50,000 renovation budget and 69% of the $355,000 purchase price, while the Borrower contributed 21% cash to the purchase at closing. The after-repair value was estimated at $460,000 so our loan-to-value was 75%. The Borrower plans to sell the property upon completion of the heavy rehab. The interest rate was 12% and we charged 3% origination points. The loan term was set at 6 months. Fort Washington is located in Prince George’s County, just several miles south of Washington DC. Although we are based in Baltimore, we frequently fund loans in the DC metro area. This hard money loan was funded in March 2024.
Funded By
Real Property Investment Partners
NO APPRAISAL REQUIRED. Providing institutional-grade lending with a local presence.
Dealmakers
Steve Moskowitz
Head of Business Development