)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/28/2024
Property Type
Property City
Sedalia
Property State
MO
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$40,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,242
Renovation Budget Funded
100%
After-Repair Value
$141,000
Loan-to-After-Repair Value
67%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,047
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Average
Interest Rate
12.5%
Origination Points
3%
Deal Summary
Minnow Loan, a local Missouri direct private lender, funded a $94,242 1st lien position fix and flip loan for a single-family home in Sedalia, MO. We funded 80% of the $40,000 purchase price, while the Borrower contributed 20% cash at closing. The renovation budget was $60,242 and we funded the entire amount in several draws. The after-repair-value was estimated at $141,000 so our loan-to-after-repair value was 67%. We funded this deal for a Borrower who lives out of state. This project required a heavy construction budget compared to the purchase price of the property. The Borrower had good experience in rehabs and had a local contractor partner. We have been in constant contact with the Borrower, who had already been in town to check on progress. The project proceeded as expected. The subject property is approximately 1,047 square feet. The Borrower had average credit. They plan to sell the property upon completion of the heavy rehab. The interest rate was 12.5% and we charged 3% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in June 2024.
Funded By
Minnow Loan
Your Deal. Our Money.
Dealmakers
Shelby Reed
Co-Founder