2570 61st AveOakland, California

Oakland, CA 94605 · MLS ML82052360

List price

$599,888

2 bd / 1.5 ba
Bedrooms / baths: 1,234 sq ft
Living area: 1938
Year built: 5,950 sq ft
Lot

"This is a perfect opportunity for an investor/end-user to remodel/renovate!"

Listed by Edgardo Barreto Kinetic Real Estate DRE #02002490 · (408) 332-1700

2570 61st Ave is a 2-bedroom, 1.5-bath home in Oakland, California listed at $599,888 with 1,234 square feet, built in 1938. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 10% down ($59,989), we fund the $73,305 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. A California buyer can also close in 3 days with 35% down and no appraisal. See every hard money opportunity in California or our California hard money lending page.

From the listing. Fixer upper with an existing ADU on a 5,950 sq ft lot in Oakland; rent the main home and the ADU, or live in one and rent the other.

01 - Price This Property

Hard money financing on 2570 61st Ave: what you qualify for.

Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.

List price $599,888

State CA

Your credit score, approximate

Type a number, like 720. A ballpark is fine and nothing is pulled. Leave it empty if you have no score.

Investment projects you completed in the last 3 years

Flips, rentals bought and sold, or builds. Decides the down payment.

Renovation budget

Our super rough estimate at $45 per sq ft. Put in your contractor's number if you have one.

After-repair value, if you know it

The loan stays under 75% of it. Leave blank to size on the price alone.

1. Your score740Qualifies
2. Your experience1 to 2 projectsTier 2: 10% down
3. Down payment10% down$59,989 at closing

You qualifyAt a 740 score with 1 completed project, you qualify for 10% down on this property with the renovation funded, or 35% down and close in 3 days.

Option 1 - Close in 3 days

35% down

No appraisal. Closes like cash.

Cash to close, rough estimate $215,810

Loan at closing $389,927

Rate, interest only 10.5%

Option 2 - Fix and flip, experienced

10% down

We fund 100% of the renovation. Closes in 2 weeks.

Cash to close, rough estimate $73,577

Loan at closing $539,899

Rate, interest only from 9.25%

Experience Tier 2 on 1 completed project in three years with a light (up to 25% of the price) renovation: up to 90% of the price at closing, 100% of the renovation funded.
No credit score minimum and no appraisal: the desk values the property from recent sales. Renovation is on the buyer. Subject to internal review.

02 - The Numbers at Closing

2570 61st Ave priced at the list price.

Item	Option 1: 35% down	Option 2: 10% down
At closing
Qualifies as entered	Yes	Yes
Buyer down payment	$59,989 (10%)	$209,961 (35%)
Loan at closing	$539,899	$389,927
Cosmetic renovation, rough estimate*	We fund $73,305	Buyer pays $73,305
Total loan	$613,204	$389,927
Rate, interest only	from 9.25%	10.5%
Points	1.5 ($9,198)	1.5 ($5,849)
Appraisal	Required	None
Estimated monthly interest	$4,727 at full draw	$3,412
Cash to close, rough estimate	$73,577	$215,810

Rough estimates at the list price of $599,888 for a 740 score and 1 completed project. This is not a commitment to lend.

*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $45 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. The no-appraisal option is available in major California markets. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.

We are the lender, not the listing agent. This property is listed by Edgardo Barreto, Kinetic Real Estate ((408) 332-1700). To see it or make an offer, contact Edgardo directly, or work with your own buyer's agent. The numbers on this page are simply what our financing would look like on this property. Viewing them is not a commitment to borrow from us, and you are free to finance the purchase however you choose. We do not represent buyers or sellers.

Request the Term Sheet Call (323) 304-4978

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