Stormfield funded an $846k Fix and Flip Loan in Norwalk, CT

Stormfield funded an $845,750 fix and flip loan for a borrower acquiring and expanding a single-family home in West Norwalk, part of Norwalk, CT. The business plan calls for the purchase of the home followed by a slight expansion of the existing structure. The 12-month loan is structured at 64.1% of the $1,319,500 underwritten value. Underwriting weighed the expansion scope and the local Norwalk residential market, along with the business plan for the property. For brokers and borrowers, the deal shows how Stormfield finances the purchase and expansion of single-family homes in Connecticut.