A Philadelphia investor scooped up a distressed 3-bedroom rowhouse in Fishtown for $185,000. Gut renovation needed: $72,000. Comparable finished product in the neighborhood: $360K-$380K.
LOAN AMOUNT
$230,000
Fishtown flooded with cash buyers. Needed to close in 10 days with renovation funds available immediately. Local hard money was charging 13-14%.
Adler Capital funded $230,000 at 90% LTV plus full rehab, rate at 10.25% - well below competing hard money - closing in 9 days.
The Outcome
Modern kitchen, refinished hardwoods, new primary bath. Listed at $375,000, sold in 4 days with multiple offers. Net profit: $89,000.
Deal Highlights
LOAN AMOUNT
$230,000
PURCHASE PRICE
$185,000
RENOVATION BUDGET
$72,000
RATE
10.25%
SALE PRICE
$375,000
PROJECT DURATION
8 Months
More Deals
See how Adler Capital has structured financing across property types, markets, and deal sizes.
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A Somerville investor found a classic 3-family in the Union Square neighborhood - $1,480,000 purchase, rents at $2,600/unit vs market of $3,200+. Below-market leases were expiring within 12 months.
