Fix & Flip Loan for SFR in Florence, South Carolina

Funded by Easy Street Capital

$153,000

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

05/24/2024

Property Type
Single Family Residence
Property City

Florence

Property State

SC

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$160,000

Loan-to-Purchase Price

85%

Borrower's Contribution to Purchase

15%

Source of Borrower's Contribution

Cash

Renovation Budget

$20,000

Renovation Budget Funded

85%

Borrower's Contribution to Budget

15%

After-Repair Value

$225,000

Loan-to-After-Repair Value

68%

Renovation Project Scope

Cosmetic

Location Type

Suburban

Property Condition

Good

Occupancy at Closing

Vacant

Number of Units

1

Building Square Footage

1,600

Borrower's Plan

Rehab and Rent

Exit Strategy

Refinance

Borrower Credit Rating

Good

Interest Rate

10.9%

Origination Points

2%

Deal Summary

Easy Street Capital, a direct private real estate lender, funded a $153,000 1st lien position fix and flip loan for a single-family home in Florence, SC. We funded 85% of the $160,000 purchase price and 85% of the $20,000 renovation budget, while the Borrower contributed 15% cash respectively at closing. The after-repair value was estimated at $225,000 so our loan-to-after-repair value was 68%. The Borrower will be doing a cosmetic rehab of the subject property. The interior of the home will be getting new paint, flooring, and kitchen and bathroom updates. The subject property is approximately  1,600 square feet. The Borrower had good credit. They plan to lease the property and eventually refinance as an exit strategy. 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 May 2024. 

Funded By

Easy Street Capital

Direct Lender for Residential Flips and Rentals

Dealmakers

Taylor Florentino

Account Executive