A Middlesex County investor bought a 3/1 in Medford for $465,000 - original 1940s finishes, unfinished basement, needs full kitchen and bath. Updated 3/2s in Medford: $680K-$720K.
LOAN AMOUNT
$583,500
Project required finishing the basement to add a second bath and bonus room - permitting took 8 weeks. Investor needed patient financing with a draw schedule that could accommodate the permit delay.
Adler Capital funded $583,500 - 90% LTV plus $120K rehab - closing in 8 days. Draw schedule built around the permit timeline, releasing basement and bath funds after CO was issued.
The Outcome
Listed at $714,900, sold in 7 days at $707,000. Net profit after all costs: $108,000.
Deal Highlights
LOAN AMOUNT
$583,500
PURCHASE PRICE
$465,000
RENOVATION BUDGET
$120,000
FINANCING
90% LTV + 100% Rehab
AFTER-REPAIR VALUE
$705,000
PROJECT DURATION
10 Months
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