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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
08/15/2023
Property Type
Property City
Brookings
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$560,000
Loan-to-Purchase Price
100%
Borrower's Contribution to Purchase
0%
Renovation Budget
$50,600
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$800,000
Loan-to-After-Repair Value
76%
Renovation Project Scope
Light Rehab
Property Neighborhood
Suburban
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
3,585
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
11.99%
Origination Points
3%
Deal Summary
Precision Capital, a private money lender, funded a $610,600 1st lien position loan for the purchase and rehab of a single-family home in Brookings, a small coastal town close to Oregon’s southern border. We funded 100% of the $50,600 renovation budget and 100% of the $560,000 purchase price. The Borrower did not have to contribute any cash to the deal. They qualified as a VIP Flipper since they have completed at least 2 flips within the past 2 years. The after-repair value was estimated at $800,000 so our loan-to-after-repair value was 76%. The subject property was in poor condition and vacant at closing. It is approximately 3,585 square feet and has views of the Pacific Ocean. The Borrower had excellent credit. They plan to sell the property upon completion of the rehab. The interest rate was 11.99% and we charged 3% origination points. The loan term was set at 12 months. This fix & flip loan was funded in August 2023 and sold in January 2024.
Funded By
Precision Capital
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