Property Listing

Single Fix/Flip Loan in Glen Ridge, NJ


Transaction Overview

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 repair value at 1,255,000.  We closed this deal in ONLY 5 DAYS from the day we received the application!  We saved the deal for our borrower and he's now under contract to sell this property for 1,600,000.   What a fantastic success story!  With no completed fix/flips in their track record, we lent 80% of the purchase price and 85% of the rehab @ 61.773% ARV.   926,000 @ 9.5%

Property Details
Loan Amount $926,000Interest Rate 9.50%Property Type Single Family
Investment Objective Fix/FlipLoan to cost 80%/85%% of After Repair Value Financed 62.77%

Comments

  1. Jackie Kravetz says:

    I am interested in starting a loan app with you…..

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