Recent Hard Money Loans by FlipFunds SW
FlipFunds SW has actively sought and funded investor loans in 2017, including several recent hard money loans closed in Texas. Here are some summaries of deals that have closed recently:
May 2017, suburban Dallas
Investor purchased property for approximately $115,000. FlipFunds SW funded approximately $102,000 at closing, then funded another approximately $18,000 as investor documented and permitted inspection of repair and remodeling work. Borrower funded approximately $13,500 in cash at closing toward property and closing costs. Investor sold property and paid off loan in August 2017 (three months before expiration of the six-month initial term).
May 2017, Fort Worth
FlipFunds funded approximately $64,000 on rental property investor already owned. Loan remains active (one-year initial term).
June 2017, suburban Dallas
Investor purchased property for approximately $119,000. FlipFunds funded approximately $105,000 at closing, then funded another approximately $27,500 for repairs and remodeling as investor documented and permitted inspection of repair and remodeling work. Investor funded approximately $7,000 in cash at closing toward property and closing costs. Loan remains active (six-month initial term).
June 2017, Dallas
Investor purchased property for approximately $53,000. FlipFunds SW funded approximately $45,500 at close, and agreed to fund an additional approximately $36,500 for repairs. Investor funded approximately $12,000 in cash at closing toward property and closing costs. Investor was able to sell the property at a substantial profit without repairing or remodeling. So investor repaid the loan in August 2017 (four months before expiration of the six-month initial term), including three months’ minimum interest.
July 2017, Ft. Worth
Investor purchased property for approximately $72,500. FlipFunds SW funded approximately $65,000 at close, with an agreement to fund up to approximately $12,500 more for repairs and remodeling. Investor funded approximately $13,500 in cash at closing toward property and closing costs. Investor sold the property and paid off the loan in July 2018.
July 2017, suburban Dallas
Investor purchased property for approximately $132,000. FlipFunds SW funded approximately $127,000. Investor funded approximately $8,000 in cash at closing toward property and closing costs. Investor sold the property and paid off the loan in December 2017.
August 2017, suburban Dallas
Investor purchased property for approximately $83,000. FlipFunds SW funded approximately $75,500 at closing, with an agreement to fund up to approximately $14,000 more for repairs and remodeling. Investor funded approximately $16,000 in cash at closing toward property and closing costs. FlipFunds has funded three draws totaling approximately $14,000 after investor documented and permitted inspection of repair and remodeling work. Investor sold the property and paid off the loan in January 2018.
October 2017, Austin
Investor purchased property for approximately $80,000 to rent and hold for resale–no repairs necessary. FlipFunds SW funded approximately $80,000 at closing. Investor paid off loan in December 2017.
November 2017, suburban Dallas
Investor purchased property for approximately $125,000 to fix and flip. FlipFunds SW funded approximately $105,000 at closing, with an agreement to fund up to an additional approximately $15,000 for repairs. Loan remains active (initial nine-month term).
November 2017, mid cities
Investor purchased property for approximately $100,000 to fix and flip. FlipFunds SW funded approximately $80,000 of the purchase. FlipFunds SW and Investor later modified the loan to add another approximately $8,000, increasing the total balance to approximately $88,000. Investor sold the property and paid off the loan in July 2018.
December 2017, Dallas
Investor purchased property for approximately $200,000 to fix and flip. FlipFunds SW funded approximately $177,000 of the purchase and agreed to fund one additional draw of approximately $12,000. Investor funded the part of the purchase not covered by the additional funding. Investor will also fund repairs not covered by the draws. Investor sold the property and paid off the loan in March 2018.
December 2017, suburban Ft. Worth
Investor purchased property for approximately $80,000. FlipFunds SW funded approximately $62,000. Investor funded the remainder of the purchase price and will fund repairs. Investor sold the property and paid off the loan in May 2018.
January 2017, mid cities
FlipFunds SW funded approximately $102,000 on a commercial property occupied under a triple-net lease. Borrower intended to use proceeds to acquire a similar commercial property. Loan remains active (one-year term).
January 2017, Waco
Investor purchased property for approximately $35,000. FlipFunds SW funded approximately $31,000. Investor may fix up property for sale or may hold and rent. Investor sold the property and paid off the loan in May 2018.
March 2018, eastern DFW metroplex
Investor purchased property for approximately $75,000. Flipfunds SW funded approximately $70,000 at closing and agreed to fund another approximately $15,000 in repair draws. Investor sold the property and paid off the loan in July 2018.
April 2018, southeastern DFW metroplex
Investor purchased property for approximately $155,000. Flipfunds SW funded approximately $135,000, all at initial closing. Loan remains active (one-year term).
April 2018, mid cities
Investor purchased property for approximately $95,000. Flipfunds SW funded approximately $84,000 at closing and agreed to fund another approximately $21,000 in repair draws. Investor sold the property and paid off the loan in October 2018.
April 2018, suburban Dallas
Investor purchased property for approximately $100,000. Flipfunds SW funded approximately $92,000, all at initial closing. Investor will fund its own repairs. Investor sold the property and paid off the loan in October 2018.
May 2018, mid cities
Investor purchased property for approximately $65,000. Flipfunds SW funded approximately $62,000 at initial closing. Flipfunds SW additionally funded an escrow account with a balance of approximately $25,000. Investor will draw funds from the escrow in approximately three installments as repairs are competed, inspected and approved. Investor sold the property and paid off the loan in August 2018.
May 2018, San Antonio
Investor purchased property for approximately $80,000. Flipfunds SW funded approximately $77,500 at initial closing. Flipfunds SW additionally funded an escrow account with a balance of approximately $12,500. Investor will draw funds from the escrow in approximately three installments as repairs are competed, inspected and approved. Loan remains active (one-year term).
May 2018, San Antonio
Investor purchased property for approximately $162,000. Flipfunds SW funded approximately $127,000 at initial closing. Flipfunds SW additionally funded an escrow account with a balance of approximately $32,000. Investor will draw funds from the escrow in approximately three installments as repairs are competed, inspected and approved. Loan remains active (one-year term).
August 2018, San Antonio
Investor purchased property for approximately $120,000. Flipfunds SW funded approximately $110,000 at initial closing. Flipfunds SW additionally funded an escrow account with a balance of approximately $8,000. Investor drew funds from the escrow in as repairs are competed, inspected and approved. Loan remains active (one-year term).
August 2018, San Antonio
Flipfunds SW refinanced a prior loan, providing approximately $210,000 in funding. Loan remains active (three-year term).
August 2018, suburban Dallas
Investor purchased property for approximately $132,000. Flipfunds SW funded approximately $115,000 at initial closing. Flipfunds SW later funded approximately $17,000 for completed repairs. Loan remains active (one-year term).
August 2018, San Antonio
Investor borrowed approximately $112,000 to fund repairs on a rental property. Flipfunds SW funded approximately $77,000 at initial closing and also funded an escrow account with a balance of approximately $25,000. Investor is drawing funds from the escrow as repairs are competed, inspected and approved. Loan remains active (one-year term).
August 2018, Ft. Worth
Investor purchased property for approximately $133,000. Flipfunds SW funded approximately $127,000 at initial closing. Flipfunds SW additionally funded an escrow account with a balance of approximately $12,000. Investor will draw funds from the escrow in as repairs are competed, inspected and approved. Loan remains active (one-year term).
September 2018, Dallas
Investor purchased property for approximately $117,500. Flipfunds SW funded approximately $107,000 at initial closing. Flipfunds SW agreed to fund an additional approximately $7,000 upon completion and inspection of repairs. Loan remains active (one-year term).
October 2018, Mid Cities
Investor purchased property for approximately $135,000. Flipfunds SW funded approximately $125,000 at initial closing. Loan remains active (one-year term).
October 2018, Dallas
Investor purchased property for approximately $83,000. Flipfunds SW funded approximately $83,000 at initial closing. Loan remains active (one-year term).
The interest rate on most of the loans listed is (was) 12%. Monthly payments on all of these recent transactions are interest-only; principal is repaid at payoff. Rates and terms on a particular transactions may vary based on our evaluation of the loan-to-value ratio, borrower liquidity, and other factors. FlipFunds SW has co-investors on some of its loans.
Background Info
FlipFunds’ principal has been involved in making commercial hard-money rehab loans since 2009. Principal owns interests in active loans in the Houston and San Antonio areas and in Arlington, and made recent hard money loans now paid off in Arlington and suburban Ft. Worth.