The Client

1st time flippers: husband and wife team
• Loan Purpose
Property Purchase & Rehabilitation
• Loan Structure
12 months interest only

The Investment

Gut renovation of an suburban single family home in a North Philadelphia suburb
• Purchase Price
$77,000
• Renovation Budget
$40,000
• Loan Amount
$100,000
• Cash Available for Purchase
$53,000
• Cash Available for Renovation
$40,000

The ABL Partnership

Borrowers met ABL at a REIA event and pre-qualified as first time flippers, but also possessed a wealth of experience in the building trades. The borrowers found their property on the MLS as an REO. They called the realtor and made the deal happen. The borrower sent the deal summary to ABL and we agreed to fund the deal.

The Results

The rehabilitation project was very straightforward, taking only 90 days to complete. The selling period was longer than anticipated and took over 6 months. Nevertheless, the deal was highly profitable.

• After Repair Value
$190,000
• Sale Price
$180,000
• Project Payoff
10 months
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