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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/06/2024
Property Type
Property City
Maryland Heights
Property State
MO
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$182,000
Loan-to-Purchase Price
95%
Borrower's Contribution to Purchase
5%
Source of Borrower's Contribution
Cash
Renovation Budget
$54,000
After-Repair Value
$305,000
Loan-to-After-Repair Value
74%
Renovation Project Scope
Light Rehab
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,024
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
2.5%
Deal Summary
Minnow Loan, a hard money lender based in Missouri, funded a $226,000 1st lien position fix and flip loan for a single-family home in Maryland Heights, MO. We funded 95% of the $182,000 purchase price, while the Borrower contributed 5% cash at closing. The renovation budget was $54,000 which we fully funded. The after-repair value was estimated at $305,000 so our loan-to-after repair value was 74%. The investor purchased this property off market from a wholesaler, and used Minnow’s funds for the purchase and rehab. The timeline was extremely tight on this deal – the investor needed a cash offer to be able to close. Minnow was able to work with the Title Company in St. Louis to get this deal funded on time for the investor. The subject property is approximately 1,024 square feet and located in a nice part of the St. Louis metro area. The Borrower had good credit. The interest rate was 12% and we charged 2.5% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in February 2024.
Funded By
Minnow Loan
Your Deal. Our Money.
Dealmakers
Shelby Reed
Co-Founder