A Coral Gables Mediterranean-style home - 4/3, original 1970s kitchen and baths, popcorn ceilings throughout. Purchase: $695,000. Updated homes in the same streets were trading at $1.1M+.
LOAN AMOUNT
$940,000
The investor had significant equity in other properties but was cash-light. Needed maximum leverage on purchase plus full renovation budget for a $310K gut remodel including impact windows and pool resurfacing.
Adler Capital funded $940,000 - 90% LTV on purchase plus 100% of rehab budget - closed in 13 days before the competing buyer could line up their financing.
The Outcome
Sold for $1,155,000 - $45K under asking after a brief price reduction. Net profit after all costs: $167,000. Investor immediately deployed proceeds into a Kendall rental using a DSCR loan.
Deal Highlights
LOAN AMOUNT
$940,000
PURCHASE PRICE
$695,000
RENOVATION BUDGET
$310,000
FINANCING
90% LTV + 100% Rehab
AFTER-REPAIR VALUE
$1,180,000
PROJECT DURATION
11 Months
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