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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
04/24/2024
Property Type
Property City
Monroe
Property State
NC
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$321,500
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$25,000
Renovation Budget Funded
80%
Borrower's Contribution to Budget
20%
After-Repair Value
$395,000
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
1,776
Lot Square Footage
16,553
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $276,500 1st lien position fix and flip loan for a single-family home in Monroe, NC. We funded 80% of the $25,000 renovation budget and 80% of the $321,500 purchase price, while the Borrower contributed 20% cash to the entire project costs at closing. The after-repair value was estimated at $395,000 so our loan-to-value was 70%. The Borrower had good credit. They will be doing a cosmetic rehab of the subject with some servicing of the utility systems and some demolition. The interior of the home will be getting new drywall, paint, flooring, updated kitchen, and new shower tile before the home is listed on the market to sell. The subject property is approximately 1,776 square feet set in a 16,553-square-foot lot. The interest rate was 10.9% and we charged 2% 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
Matthew Boggs
Account Executive