Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/15/2015
Property Type
2-4 Units Residential
Property City
Washington
Property State
DC
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$550,000
Loan-to-Purchase Price
96%
Borrower's Contribution to Purchase
4%
Source of Borrower's Contribution
Cash
Loan-to-Value
65%
Renovation Budget
$600,000
Renovation Budget Funded
96%
Borrower's Contribution to Budget
4%
After-Repair Value
$1,700,000
Number of Units
3
Deal Summary
Adler Private Lending, a direct lender for DC and Northern Virginia, funded a $1,100,000 1st lien position fix and flip loan for a 3-unit property in Petworth, Washington DC. The purchase price was $550,000, the rehab costs were $600,000. We funded 96% of the total costs and the Borrower put down just 4% cash. The after-repair-value was estimated at $1,700,000 so the loan-to-value was 65%. This hard money loan was funded in October 2015.