$353K fix & flip in Boise, ID — 85% LTC, 12-day close

Situation

An experienced flipper bought a well-located Boise house that needed a cosmetic refresh — paint, floors, fixtures and landscaping — in a market where move-in-ready homes sell quickly.

Structure

The loan funded 85% of the $415,000 total cost at 9.00% with two points, inside the 75% cap on the $540,000 after-repair value. A complete file on day one produced a 12-day close.

In numbers: a $352,750 loan against $415,000 of total cost left $62,250 of borrower equity in the deal. The value test — 75% of the $540,000 after-repair value ($405,000) — sat above the loan, so cost, not value, set the size. Fully drawn, interest-only carry at 9.00% works out to about $2,646 a month, and 2 points of origination came to $7,055 at closing.

Draws

Two draws — interior finishes and exterior — were reviewed remotely from photos and invoices.

The file

What was in the file: the purchase contract, the itemised scope of work and renovation budget, the after-repair value estimate with comparable sales, the GC agreement with license and insurance, two months of bank statements showing the cash to close and six months of reserves, and the LLC documents and ID. The appraisal valued the house as renovated against recent comparable sales nearby. Every checklist item came back inside 48 hours, which kept the close at the fast end of the range. Title was opened on the day of application and insurance was bound before the appraisal came back. The term sheet set the final leverage and pricing against the published maximums.

Exit

The home sold within weeks of listing, retiring the 12-month loan well inside the term with no prepayment penalty.

• Light cosmetic scope
• Complete file on day one
• Fast resale market
• Healthy cost-to-value spread

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