A Broward County investor found a 4/3 waterfront in Pompano - dated 1990s finishes, no pool, original kitchen. Priced at $780K. Updated waterfront homes with pools were trading above $1.2M.
LOAN AMOUNT
$1,080,000
$380K renovation budget included pool addition, new dock, full kitchen and bath remodels, and impact windows throughout. Needed 90% of purchase plus 100% of rehab - leverage most lenders won't touch.
Adler Capital structured $1,080,000 - 90% LTV plus 100% rehab - with a custom draw schedule aligned to the pool/dock timeline. Closed in 12 days.
The Outcome
Listed at $1,385,000, sold in 11 days for $1,350,000. Net profit after all costs: $198,000.
Deal Highlights
LOAN AMOUNT
$1,080,000
PURCHASE PRICE
$780,000
RENOVATION BUDGET
$380,000
FINANCING
90% LTV + 100% Rehab
AFTER-REPAIR VALUE
$1,350,000
PROJECT DURATION
12 Months
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