A 4-bedroom Hyde Park colonial - kitchen from 1978, two non-functional bathrooms, knob-and-tube wiring throughout. Purchase: $475,000. Renovated comps in the same blocks were trading at $785K-$820K.
LOAN AMOUNT
$612,000
Investor had two flips going simultaneously. Cash was tied up in the other projects. Needed maximum leverage to keep the deal feasible. Estimated $185K rehab budget including full electrical rewire.
Adler Capital funded $612,000 - 90% LTC plus 100% of the $185K rehab budget. Closed in 12 days, draws released at framing/electrical/plumbing/finishes/CO milestones. ARV underwriting capped at 75% of $810K.
The Outcome
Listed at $819,000, sold at $812,000 in 14 days. Net to investor after loan payoff and costs: $138,000. Fastest flip he'd ever turned. Three more Hyde Park projects in the pipeline.
Deal Highlights
LOAN AMOUNT
$612,000
PURCHASE PRICE
$475,000
RENOVATION BUDGET
$185,000
FINANCING
90% LTC + 100% Rehab
AFTER-REPAIR VALUE
$810,000
PROJECT DURATION
8 Months
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