Fix/Flip LOC Draw in Carlstadt, NJ
Posted by Sachin Chawla // November 24, 2017
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 |
