Fairfield Financial Services, Inc. - Private Money Loans, Lending & Borrowing

Rehab loan in WA state

Clay Sparkman

We’ve had a lot of nice solid little loans come in lately. (As you know, we have a tradition of, from time to time, presenting one of the loans that we have placed or are in the process of placing, so that blog readers can (a) see the types of loans that we are placing, (b) see how we feel that loans should be presented, and (c) be presented with potential investment opportunities.) Keep in mind that this is only the summary. If an investor expresses interest in reviewing the details of a loan, we put the prospectus on top of all of the relevant documentation and send it via e-mail in an Adobe file.

This particular loan is live and we are in the process of placing it as a fractional loan, so if you are an accredited investor looking to put a relatively small amount into a fractional loan at this time, please let us know.

Kris Gillmore

Fairfield Financial Services, Inc

3327 SE 50th, Portland, OR 97206

Phone (503) 319-7294 / Fax (503) 419-4219 / E-mail: gillmore@privatemoneysource.com



Purchase and rehab of SFR in Vancouver, WA

Loan Details

  1. Loan Amount: $395,000
  2. Term: 12 months
  3. Interest Rate: 12%
  4. Monthly Payments: $3,950.00 Interest Only
  5. Security:  Deed of Trust in 1st Position security interest in real property at AAAAAAAAAA., Vancouver, WA
  6. Construction holdback:  85,000
  7. Completed Value based on Realtor’s Comps:  650,000
  8. Completed LTV based on Realtor’s Comps:  61%

Loan Overview

XXX, an experienced contractor in CA is requesting funds for the purchase and rehab of a Single Family home in Vancouver, WA.  The loan will be made to XXX’s company, YYY, Inc., and personally guaranteed by XXX.  XXX’s brother, ZZZ, an experienced licensed contractor in WA, lives nearby and will be making the renovations to the property.  ZZZ has been a contractor working on new construction and restoration since 2001.  ZZZ’s license, bond, and insurance info can be seen at:

<link redacted>

He has thoroughly inspected the property and reports that structurally the house is sound, only needing cosmetic upgrades to appeal to consumers at this price point.

The purchase price of the property is $359,000 and the borrower will be making a down payment of $75,000.  The cost of repairs is $85,000, and the property will be getting a new roof, flooring, paint, with upgrades to the appliances, cabinetry, and fixtures.  A copy of the construction budget has been provided for your review.

The borrower intends to exit this loan with the sale of the property.


The subject property was built in 1995 and is 4,782 square feet, with 5 bedrooms, 3.5 baths, and sits on .29 acres with a river view.  The property is on a corner lot, and the borrower’s realtor reports that the property is in a highly desired neighborhood.  Photos of the property have been provided in the packet for your review.


The borrower’s realtor has provided a CMA with a suggested after repair value of $650,000.  She provides 4 sold comps in the past year of similar properties, but does reference a similar sized property that’s currently listed for $549,000.  She reports that this listing is inferior to the subject because of the dated interior, which is critical when selling a home at this price point.  The CMA has been provided for your review, and the realtor will be available by phone should there be any questions you wish to discuss with her directly.

In addition – a property inspection to further evaluate the comps and construction budget is pending


XXX has provided a signed 1003 and reports an annual income of $203,000, and a net worth of $488,600.


XXX has a mid-credit score of 533.  He has several disputed accounts and an erroneous tax lien, for which he has provided a written letter of explanation.  Currently, XXX only has 2 outstanding loans:  a HELOC and a student loan.  Both are currently in good standing.

- Clay (clay@privatemoneysource.com, 503-476-2909 or 800-971-1858)

Clay is Vice President of Fairfield Financial, a primary source for private money loans since 1964.  Fairfield works with a broad range of private money investors, in a broker capacity, finding, underwriting, presenting, closing, servicing, and when necessary, assisting in the

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