)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/25/2023
Property Type
Property City
Phoenix
Property State
AZ
Loan Term (months)
5
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$459,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$135,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$665,000
Loan-to-After-Repair Value
56%
Renovation Project Scope
Light Rehab
Property Neighborhood
Papago 77
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,146
Lot Square Footage
8,264
Lot Acreage
0.19
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
12%
Origination Points
1%
Deal Summary
Versara Capital, an asset-based hard money lender, funded a $459,000 1st lien position hard money loan for a single-family home in the Papago 77 neighborhood of Phoenix, AZ. We funded 100% of the $135,000 renovation budget and 80% of the $459,000 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The after-repair value was estimated at $665,000 so our loan-to-after-repair value was 56%. The Borrower had excellent credit. With several previous projects, they were given a loan based on their strong financial health and a solid exit strategy of selling post-rehab in a hot area. The subject property is approximately 2,146 square feet set on an 8,264 square-foot lot. Our financing strategy secured a 5-month, interest-only loan at a competitive 12% interest rate with 1 origination point, reflecting our bespoke, efficient lending solutions. This SFR fix and flip hard money loan was funded in October 2023. The property was later sold in March 2024.
Funded By
Versara Capital
The Trusted Asset-Based Hard Money Lender for Real Estate Investors