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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/24/2024
Property Type
Property City
San Diego
Property State
CA
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$2,900,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$375,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$3,800,000
Loan-to-After-Repair Value
73%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,544
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
10.5%
Origination Points
1%
Deal Summary
Prideco Loan Inc., a family office hard money lender, funded a 2,785,3001st lien position fix and flip loan for a single-family home located in La Jolla, San Diego County, CA. We funded 100% of the $375,000 renovation budget and 85% of the $2,900,000 purchase price, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $3,800,000 so our loan-to-after-repair value was 73%. This project was directly with a Borrower we’ve partnered with on previous projects.The subject property is approximately 1,544 square feet. The Borrower plans to sell the property as an exit strategy upon completion of the light rehab. The interest rate was 10.5% and we charged 1% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in June 2024.
Funded By
PrideCo Loans Inc.
Family Office Hard Money Lender for Multifamily and Residential Investment Properties