Property Listing

Fix/Flip Line of Credit Draw in Paramus, NJ

Transaction Overview

We recently funded this awesome deal for an amazing and bright client.  This is almost a complete tear down leaving only one existing wall.   A new foundation will be dug and poured.  Replacing the old house will be a brand new Colonial approximately 3116 sq. ft.  This little gem is surrounded by colonials with prices 3 times what our client paid for the existing home.  Despite many set backs and some close calls, we never gave up; always working in our with our clients best interests at heart.  Due diligence and hard work does pay off.   We funded 90% of the purchase price and 95% of the construction at 75% ARV.   We were ecstatic when we were able to inform our client that they underestimated their after repair value by 200,000!  Through our close partnerships, we were also able to save our client several thousand dollars on builders risk insurance premiums.  Our client is looking at a profit of 400K!!!  BOOM.

Property Details
Purchase Price $400,000Loan Amount $687,250% of Purchase Financed 90%
% of Construction Financed 95%Investment Objective Fix/Flip to RetailLoan Product Fix/Flip Line of Credit
% of After Repair Value Financed 75%Interest Rate 7.99%Property Type Single Family

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