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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/29/2024
Property Type
Property City
Lauderdale Lakes
Property State
FL
Loan Term (months)
9
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$310,000
Loan-to-Purchase Price
90%
Borrower's Contribution to Purchase
10%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,700
Renovation Budget Funded
90%
Borrower's Contribution to Budget
10%
After-Repair Value
$475,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,703
Lot Square Footage
9,037
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $332,500 1st lien position fix and flip loan for a single-family home in Lauderdale Lakes, FL. We funded 90% of the $310,000 purchase price and $60,700 renovation budget, while the Borrower contributed 10% cash at closing. The after-repair value was estimated at $475,000 so our loan-to-after-repair value was 70%. The Borrower plans to complete a full cosmetic rehab on the property and has accounted for demolition, foundation, and servicing of utilities as needed in the budget. The subject property will be a 4-bedroom, 2-bath once completed. The interior rehab includes new paint, flooring, appliances, and an updated kitchen and bathroom. The exterior rehab includes roof replacement and new paint before the home is put on the market for sale. The subject property is approximately 1,703 square feet set in a 9,037-square-foot lot. The Borrower had good credit. The interest rate was 11.9% and we charged 2% origination points. The loan term was set at 9 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
Luis Florentino
Account Executive