$298K fix & flip in Atlanta, GA — 85% LTC, 10-day close

Situation

An experienced flipper had a competitive offer accepted on a structurally sound ranch house that needed paint, floors, a kitchen refresh and landscaping. The seller wanted a quick close, so speed mattered as much as leverage.

Structure

The investor sent the contract, scope and entity documents the same afternoon. The loan priced at 85% of the $350,000 cost at 9.00% with two points, and closed in 10 days — the fast end of the 10–14 day range.

In numbers: a $297,500 loan against $350,000 of total cost left $52,500 of borrower equity in the deal. The value test — 75% of the $460,000 after-repair value ($345,000) — sat above the loan, so cost, not value, set the size. Fully drawn, interest-only carry at 9.00% works out to about $2,231 a month, and 2 points of origination came to $5,950 at closing.

Draws

A short budget meant three draws: kitchen and baths, flooring and paint, and exterior. Each was reviewed remotely from photos and invoices.

The file

Why ten days was possible: the scope was cosmetic, so there were no permits or structural drawings to wait on. The appraisal was ordered on the day of application with access arranged through the listing agent, title was opened immediately, and the investor’s entity was already documented from a prior file. Insurance was bound before the appraisal came back. Every item on the checklist was returned inside 48 hours, which is what keeps a close at the fast end of the range. The investor also had six months of reserves in place and a 680-plus credit score, so underwriting had no conditions left open at the closing table.

Exit

The house sold after a short renovation, repaying the 12-month loan early with no prepayment penalty.

• Complete file on day one
• Light scope, short timeline
• Remote draws matched the pace of the crew
• Healthy spread between cost and ARV

Fix & flip program terms →

Fix & flip loans in Georgia →