Fix & Flip Loan for SFR
$226,000

Deal Details

Private Loan type
Refinance
Property Type
Single-Family Home
Loan Term
15 months
Payment Type
Interest Only
Purchase Price
$182,000
Loan-to-Purchase Price
95%
Source of Borrower's Contribution
Own Cash
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
0.01
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Excellent

Deal Summary

Minnow Loan, a hard money lender based in Missouri, funded a $226,000 1st lien position fix and flip loan for a single-family home in Maryland Heights, MO. We funded 95% of the $182,000 purchase price, while the Borrower contributed 5% cash at closing. The renovation budget was $54,000 which we fully funded. The after-repair value was estimated at $305,000 so our loan-to-after repair value was 74%. The investor purchased this property off market from a wholesaler, and used Minnow’s funds for the purchase and rehab. The timeline was extremely tight on this deal – the investor needed a cash offer to be able to close. Minnow was able to work with the Title Company in St. Louis to get this deal funded on time for the investor. The subject property is approximately 1,024 square feet and located in a nice part of the St. Louis metro area. The Borrower had good credit. The interest rate was 12% and we charged 2.5% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in February 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...
Property Location