CASE STUDY – BERRO; as one example of our Fix & Flip Program

As we have always disclosed, The Rama Fund, LLC (the “Fund”) has the right to a first look at all of Athas Capital Group, Inc.’s (“Athas”) production. If a deal does not fit within the Fund’s investment parameters or if the Fund is fully invested, then we will offer the investment opportunity to our network of private investors as part of our Separately Managed Account (“SMA”) program. Below we outline a deal we recently funded as an example of our “fix and flip” bridge loan program.

Loan Metrics

Loan-to-purchase ratio:
• Loan to current value:
• Loan amount:               
• Value of collateral:       
• Lien position:               
• Other debt:                 
1st lien

• Guarantor’s FICO:                         
• Full recourse/personal guarantee:   
• Guarantor’s net worth:                    
• Current Yield to date:
• Term of loan:              

6 months

Executive Summary
Our borrower is an experienced “fix and flipper.” He has successfully renovated and monetized several properties and in each case he operates as if he were going to live in the subject property himself. His work is high grade and in this instance he purchased the subject property for $360,000 using 100% cash. He then invested $50,000 more of his personal savings into the property and before deciding to utilize a small amount of leverage to help bolster his working capital as his project neared completion.

The Borrower / Narrative
Our borrower has been a firefighter for the past 21 years and throughout his adult life he has been an astute investor. He has accumulated a real estate portfolio valued at $4,655,000 with only $84,750 of debt against it (our bridge loan). His credit is flawless and boasts a 797 FICO score. Additionally, he earns $200,000 a year from his occupation.

Why Conventional Financing Was Not an Option
The subject property was in substandard condition and banks will not lend on that kind of collateral.

How We “Won” the Deal
We were very quick to close this transaction and had money in the borrower’s hands in less than two weeks. Additionally, we enjoy an established relationship with the mortgage broker who brought us this deal, having funded many loans for his clients over the past several years.

The broker that brought us this deal, we have serviced the needs of his clients for years thus we are a trusted source.

Exit Strategy for our Bridge Loan
The rehab work is complete and the subject property is currently listed for $655,000. It is anticipated that this property will sell within 3 months.

The Collateral

  • Located in San Diego, CA.
  • SFR of 1,577 square feet.
    • 2 bedrooms & 2 full baths

Pictures of the Subject Property as purchased:


Pictures of the Subject Property once renovated:



Rama Capital Partners CFL# 603 H047
Rama Fund CFL# 603 H064
Rama Capital Advisors DRE# 018221572
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