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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/01/2015
Property Type
Property City
San Diego
Property State
CA
Loan Term (months)
9
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$385,000
Source of Borrower's Contribution
Cash
Loan-to-Value
64%
Renovation Budget
$80,000
Renovation Budget Funded
100%
Building Square Footage
1,223
Lot Acreage
6100
Deal Summary
Lantzman Lending, a hard money lender, funded a $375,000 1st lien position fix and flip hard money loan for a residential property rehab project located in the Clairemont neighborhood of San Diego, CA. The Borrower was an experienced real estate investor who needed a hard money loan to acquire and rehab the property. We funded this loan back in June 2015 and it was recently paid off. The purchase price was $385,000 and rehab costs were approximately $80,000. Our $375,000 1st trust deed loan included 100% of the rehab costs. The Borrower put $80,000 cash into the deal. The subject property is a 3-bedroom 2-bath single-family home, with an approximate size of 1,223 square feet on a 6,100 square-foot lot. The Borrower remodeled the home, put it on the market, and sold it last month for $585,000. The entire hard money loan cycle was 9 months and the LTV (loan-to-value) was 64% based on the after-repair value. This SFR fix and flip hard money loan was funded in June 2015.
Funded By
Lantzman Lending
San Diego, CA