Fix/Flip LOC Draw in Moonachie, NJ
Posted by Robert Shamie // November 26, 2017
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 |
