Fix & Flip Loan for SFR
$390,000

Deal Details

Private Loan type
Refinance
Approx. Funding Date
May 18, 2024
Property Type
Townhome
Loan Term
36 months
Lien Type
Equity Cash Out
Payment Type
Interest Only
Purchase Price
$650,000
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Source of Borrower's Contribution
Equity in Another Investment Property
Property Condition
Good
Occupancy at Closing
Tenant Occupied 100%
Number of Units
9
Building Square Footage
7,170 sq ft
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Excellent
Interest Rate
14.19%

Deal Summary

Minnow Loan, a local Missouri direct private lender, funded a $170,539 1st lien position fix and “hold” loan secured by 3 single-family properties all located in Jefferson City, MO.  The property values, combined were estimated at $360,000 so our actual loan-to-value was 47%.  The borrower is an experienced real estate investor who was able to use the equity in one of their other properties to adequately collateralize this purchase without bringing any cash to close.  The borrower plans to refinance with Minnow into a long-term rental loan (DSCR) once construction is complete – and we will release the lien on the additional 3rd property.  The interest rate was fixed at 12.5% with interest only payments, and we charged 3% origination points.  The loan term was set at 12 months, with no prepayment penalty.  This fix and “hold” loan was funded in April 2024.

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Funded By

CIMB Mortgage
A Division Of CIMB Bank
cibmmortgage-horz
Frank Binetti
Frank has enjoyed 35+ years in the mortgage banking industry in Chicago, where he has managed all as...
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