Pacific Private Money just closed a $578,000, 64% LTV loan on a fix and flip in Corte Madera.The subject property is a 1,840 sq. ft. 4 bedroom, 2 bathroom SFR with views of the Bay and located in sought after Southern Marin County. This property is in inferior condition compared to the upgraded homes around in the neighborhood, thereby leading to large upside potential for the flip.
The borrower is a repeat borrower with Pacific Private Money and has great credit (782 mid fico score). He came in with 30% down plus closing costs (approx. $260,000). Upon completion of upgrading the property, the borrower will sell the subject collateral in order to exit the loan.
Due to the borrower’s need for a speedy close, conventional financing was not an option.
Pacific Private Money sourced private money and was able to quickly close this purchase fix & flip.