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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
04/20/2016
Property Type
Property City
Sacramento
Property State
CA
Loan Term (months)
8
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$400,000
Loan-to-Purchase Price
78%
Borrower's Contribution to Purchase
22%
Source of Borrower's Contribution
Cash
Loan-to-Value
65%
Renovation Budget
$55,000
Renovation Budget Funded
100%
Deal Summary
Lantzman Lending, a hard money lender, funded a $355,000 1st lien position fix and flip hard money loan for a single-family home in Sacramento, CA. The Borrower was an experienced real estate investor. We funded this loan back in July 2015 and it was recently paid off. The purchase price was $400,000 and rehab costs were approximately $55,000. Our $355,000 1st trust deed loan included 78% of the purchase price plus 100% of the rehab costs. The Borrower put $100,000 cash into the deal. The Borrower remodeled the home, put it on the market, and sold it last month for $550,000. The entire hard money loan cycle was 8 months and the LTV (loan-to-value) was 65% based on the after-repair value. This SFR fix and flip hard money loan was funded in April 2016.
Funded By
Lantzman Lending
San Diego, CA