This fix and flip bridge loan was funded in June 2022. The Borrower plans to lease the property at the market and eventually refinance as an exit strategy. The subject property was in fair condition at closing. Lima One’s FixNFlip financing makes this deal a home run for the investor-with the ability to make a 20% profit of $60,000-plus when selling the flip. With Lima One’s construction draw process, the borrower could access money when needed throughout the project. The rehab budget increased along with the available drawable funds however, the borrower was not responsible for interest on undrawn construction funds, allowing him to manage cash flow throughout the rehab. With a 92% blended loan to cost, the borrower was able to cover the entire rehab budget and 90% of the purchase price, limiting the down payment.ĭue to the age and condition of the property, Lima One’s pre-close construction budget review revealed the need for the borrower to add more extensive roof and electrical upgrades to mitigate risk and maximize profits on the investment. Lima One was able to close this FixNFlip loan in just six calendar days after application. So he came to his sales rep with the request for an expedited close to purchase the property in a fast-moving real estate market so he could capitalize on this opportunity. The borrower was already approved for credit exposure with Lima One, and was in process on several other deals at the time. ![]() Due to the demand in one of D.C.s most desired suburbs, the rehabbed condo could turn a considerable profit. The 941-square foot condo, built in 1941, needed capital expenditures for a new roof and updated electrical, as well as cosmetic updates to bring it back up to market expectations. This SFR fix and flip loan was funded in November 2022.Īn experienced flipper had the opportunity to purchase a condo in the Washington, D.C., suburb of Alexandria, Virginia-but needed to move quickly. They plan to sell the home upon completion of the light rehab. The subject property was in good condition and vacant at closing. With plans for an expanded and updated master bedroom suite, new roof and windows, and a sparkling new kitchen, this property is destined for greatness. ![]() Our clients recognized the potential to turn this house into a family home by opening up the floor plan and adding 800 square feet of living space to the back of the structure. The existing house is 1,400 square feet on a 4-acre lot with four bedrooms and two baths. The Unified Business Identifier (UBI) is 604482366. ![]() This single family flip is located on two lots over four acres. Flip Masters LLC is a contractor licensed by State of Washington, Department of Labor and Industries. The estimated after-repair-value was $405,000 so the loan-to-ARV that we funded was 72%. The Borrower contributed 20% of the project costs in cash. We funded 80% of the purchase and renovation in 1st lien position. The purchase price was $275,000 and the renovation budget was $87,000. Navigator Private Capital, a nationwide private real estate lender, funded a $290,000 fix and flip loan for a single-family residence in suburban Chesapeake, VA.
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