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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/07/2024
Property Type
Property City
Newport Beach
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,915,000
Loan-to-Purchase Price
83%
Borrower's Contribution to Purchase
17%
Source of Borrower's Contribution
Cash
Renovation Budget
$400,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$4,000,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Location Type
Urban
Occupancy at Closing
Vacant
Number of Units
2
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Deal Summary
Center Street Lending, a direct lender for residential real estate investors, funded a $2,822,000 hard money loan for a 2-unit residential property in Newport Beach, CA. The property was being renovated by another real estate investor but was not completed. Our Borrower purchased the unfinished project for $2,915,000 and put down 17% cash. We funded 83% of the purchase price and the $400,000 rehab budget to complete the project. The after-repair value was estimated at $4,000,000 so our loan-to-value will be 70%. The duplex features a 3-bedroom, 2-bath unit (one ensuite) with vaulted ceilings on the top floor and a 2-bedroom, 2-bath unit (one ensuite) on the first floor. The Borrower plans to sell the property as an exit strategy once all rehab work is completed. The subject property was vacant at closing. The loan term was set at 12 months. This hard money loan was funded in June 2024.
Funded By
Center Street Lending
Smarter Loans for Residential Investors
Dealmakers
Michael Price
Loan Origination Manager
Michael’s family has been active in the real estate space for over 30 years.
Joining Center Street was a natural career choice. Michael earned his bachelor's degree in Business, with a concentration in Finance, from California State University, Fullerton.
Michael’s experience playing competitive team sports taught him discipline, commitment, and teamwork. Bringing his excellent work ethic and “can do” attitude, he is always available for his clients’ needs. He has a proven track record of navigating complex real estate transactions. He finds the best and most creative solutions for his clients.