Single Fix/Flip in Los Banos, CA
Posted by Robert Shamie // November 26, 2017
We recently funded this deal in Los Banos Ca. This was for a Fortune Builders Mastery graduate and their very first deal. We worked closely with them for over 6 months helping them navigate multiple offers on different properties until they found this one. Unlike most lenders, we recommended that the borrower leverage a home equity line of credit at a lower interest rate for most of the rehab. We did this so that we could offer superior terms on our loan. We don't know of any borrower with no experience who has been able to obtain a rate of 8.75% from an institutional lender on their first fix/flip project. We are so pleased to serve this loyal community. The project is underway and were sure it will be a great success!
| Purchase Price | $210,000 | Loan Amount | $169,000 | Loan Type | Single Fix/Flip |
| Interst Rate | 8.75% | Loan to Cost | 75% | Property Type | Single Family |
| Investment Objective | Fix/Flip | % of After Repair Value Financed | 65% | % of Construction Financed | 38% |
| % of Aquisition Financed | 80% |
