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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
07/30/2024
Property Type
Property City
Houston
Property State
TX
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$286,150
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$89,050
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$425,000
Loan-to-After-Repair Value
75%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,737
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
10.75%
Origination Points
1.5%
Deal Summary
Simplending Financial, a private lender, funded a $318,750 1st lien position fix and flip loan for a single-family home in Houston, TX. We funded 100% of the $89,050 renovation budget and 80% of the $286,150 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The after-repair value was estimated at $425,000 so our loan-to-ARV was 75%. The subject property is approximately 1,737 square feet. The Borrower had excellent credit. They plan to sell the home as an exit strategy. The interest rate was 10.75% and we charged 1.5% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in July 2024.
Funded By
Simplending Financial
We Close Loans - Residential, Multifamily, CRE
Dealmakers
Juliet De La Cruz
Account Manager