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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
04/12/2024
Property Type
Property City
Chesapeake
Property State
VA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$165,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$40,000
Renovation Budget Funded
80%
Borrower's Contribution to Budget
20%
After-Repair Value
$260,000
Loan-to-After-Repair Value
63%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,523
Lot Square Footage
7,143
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Average
Interest Rate
10.9%
Origination Points
3%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $164,000 1st lien position fix and flip loan for a single-family home in Chesapeake, VA. We funded 80% of the $40,000 renovation budget and $165,000 purchase price, while the Borrower contributed 20% of the total project costs in cash at closing. The after-repair value was estimated at $260,000 so our loan-to-after-repair value was 63%. The Borrower will be doing a $40,000 cosmetic rehab of the 3-bedroom, 2-bath home with some servicing of the utility systems and some demolition. The interior of the home will be getting new doors, drywall, paint, flooring, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new framing, paint, doors, and a pressure wash before the home is listed on the market for sale. The subject property is approximately 1,523 square feet set in a 7,143-square-foot lot. The Borrower had average credit. The interest rate was 10.9% and we charged 3% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in April 2024.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Taylor Florentino
Account Executive