A Scottsdale-based investor found a 4/2 ranch home in Phoenix's Arcadia adjacent neighborhood for $395,000 - original 1970s finishes, no updates since 2005. Renovated comps: $660K-$700K.
LOAN AMOUNT
$540,500
The Phoenix market was hot - investor had 7 days from accepted offer to get funding confirmation or risk losing the deal. Needed 90% LTV plus $185K renovation budget.
Adler Capital issued a term sheet in 36 hours and funded $540,500 - 90% purchase plus 100% rehab - closing in 9 days.
The Outcome
Kitchen remodel, new primary suite, pool resurfacing. Listed at $689,000, sold in 6 days at $678,000. Net profit: $114,000.
Deal Highlights
LOAN AMOUNT
$540,500
PURCHASE PRICE
$395,000
RENOVATION BUDGET
$185,000
FINANCING
90% LTV + 100% Rehab
AFTER-REPAIR VALUE
$675,000
PROJECT DURATION
9 Months
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