This deal funding coincided with the approval of a fix/flip line of credit application. The process of obtaining the line of credit approval was 32 days. Moving forward, this client will be able to obtain draws from his 1,250,000 line of credit within 7 days of submission of only two documents. We funded 90% of the purchase price and 95% of the construction costs at 75% ARV. We love to help our clients make $$$.
|Purchase Price||$180000||Loan Amount||$209,500||% of Purchase Financed||90%|
|% of Construction Financed||95%||Investment Objective||Fix/Flip to Retail||Loan Product||Fix/Flip Line of Credit|
|% of After Repair Value Financed||75%||Interest Rate||8.49%||Property Type||Single Family|
We funded this deal in only 7 days from the date we received a request for a line of credit draw. We required only two pieces of paper from our borrower in order to fund. A line of credit draw request and a construction budget. That's it! We financed 90% of the purchase price and 95% of the construction. We were so pleased to inform our borrower that our appraiser disagreed with their after repair value. Our client estimated their after repair value at $365,000 but our appraiser assigned an after repair value of $400,000! We love to deliver great news!
|Purchase Price||$200000||Loan Amount||$251,250||Interest Rate||7.49%|
|% of Purchase Financed||90%||% of Construction Financed||95%||% of ARV Financed||75%|
|Property Type||Single Family||Investment Objective||Fix/Flip to Retail||Loan Product||Fix/Flip Line of Credit|
We recently funded this deal in New Providence, NJ for one of our best clients. We funded 90% o the purchase price, 95% of the construction at 75% of the estimated ARV. The property appraised $25,000 higher than the purchase price in its current condition! This is a testament to making your money when you buy.
|Purchase Price||$345,000||Loan Amount||$357,740||Loan Type||Fix Flip Line of Credit Draw|
|Interst Rate||7.49%||Loan to Cost||90%||Property Type||Single Family|
|Investment Objective||Fix/Flip to Retail||% of After Repair Value Financed||75%||% of Construction Financed||95%|
We recently funded this deal in Los Banos Ca. This was for a Fortune Builders Mastery graduate and their very first deal. We worked closely with them for over 6 months helping them navigate multiple offers on different properties until they found this one. Unlike most lenders, we recommended that the borrower leverage a home equity line of credit at a lower interest rate for most of the rehab. We did this so that we could offer superior terms on our loan. We don't know of any borrower with no experience who has been able to obtain a rate of 8.75% from an institutional lender on their first fix/flip project. We are so...
|Purchase Price||$210,000||Loan Amount||$169,000||Loan Type||Single Fix/Flip|
|Interst Rate||8.75%||Loan to Cost||75%||Property Type||Single Family|
|Investment Objective||Fix/Flip||% of After Repair Value Financed||65%||% of Construction Financed||38%|
|% of Aquisition Financed||80%|
We recently funded this project in Livingston,NJ. Our borrowers faced some challenges with a an oil tank and soil contamination which needed remediation. Although this issue delayed closing for several months, we made certain to keep the loan file fresh such that a smooth closing could occur only days after the remediation was complete. Construction is currently underway and we’re certain this project will be a home run for our clients.
|Loan Amount||$455,823||Interest Rate||9.90%||Loan to Cost||90%|
|% of After Repair Value Financed||70%||Property Type||Single Family||Investment Strategy||Fix/Flip|
We funded this cash flowing rental in Huntsville Alabama recently. The property is cash flowing on day 1, with a 17% cash on cash return. The borrower did not have to provide any tax returns, w2's or pay-stubs. Using our single rental portfolio loan, we use property cash flow to qualify in lieu of personal income. The borrower was able to put only 20% down and obtained a 30 year fixed rate at 6.5%.
|Purchase Price||$159,500||Loan Amount||$127,600||Loan Type||30 Year Fixed - Single Rental Loan|
|Interest Rate||6.50%||Loan to Cost||80%||Property Type||4 Family|
|Investment Objective||Passive Rental||ARV%||80%|
A previous client of ours mistakenly chose to work with another lender which almost cost them $400,000 in lost profit on this deal. After starting the process with another lender, they approached us after receiving a low ball appraisal. The value came in so low, that they were going to be forced to walk away from the deal and lose their earnest money deposit, and worse a potential 400K profit. We took the time to dissect the deal such that we could explain the intricacies to our appraiser. The result, our appraiser reported an after repair value of 1,475,000 vs. our competitor's appraiser who reported the after repai...
|Loan Amount||$926,000||Interest Rate||9.50%||Property Type||Single Family|
|Investment Objective||Fix/Flip||Loan to cost||80%/85%||% of After Repair Value Financed||62.77%|
We faced heavy challenges funding this deal with no comparable sales to support the land value and after repair value. We did not give up fighting for our client. We successfully disputed a low ball appraisal and were able to find hidden sales not listed on MLS to get this deal done for one of our best clients. We funded 75% of the raw land purchase and 95% of the construction costs @ 75% of the after repair value. Our total loan amount was $527,500. No other lender in the market can provide this leverage on ground up construction.
|Loan Amount||$527,500||Interest Rate||8.49%||Loan to Cost||95%|
|% of ARV Financed||75%||Investment Strategy||Build/Sell||Property Type||Single Family|
|% of Land Cost Financed||75%||% of Construction Financed||95%||Loan Product||Fix/Flip Line of Credit|
We funded this deal in 8 days. Total loan amount of $485,290 @ 7.49%. We funded 90% of the purchase price and 95% of the construction at 75% ARV
|Loan Amount||$485,290||Interest Rate||7.49%||% of ARV Financed||75%|
|% of Aquisition Financed||90%||% of Construction Financed||95%||Loan Prodcut||Fix Flip Line of Credit|
|Property Type||Single Family||Days to Fund||8||Investment Strategy||Fix/Flip|
We are working on bringing you a great new property. This is a ground up construction project in Long Branch, NJ. The current home was a victim of hurricane Sandy and will be torn down. In its place we will create this beautiful elevated home featuring 6 bedrooms and 2.5 baths. The ground floor will be huge and feature break away panels beautifying the home while maintaining great curb appeal for a raised structure. The property is situated across the street from a recently renovated and stunning park. In the mean time feel free to contact us if you know someone who is interested in purchasing this brand new home.
|Water||City||Rooms||12||Sewer/ Septic||City Sewer|
|Fuel||Gas||Lot Size||9375 sqft||Year Built||2018|
|Style||Colonial||Heating||Gas||Parking||6 car garage|