We recently invested $2.1 million in hard money in the first position in a fix-and-flip project in Los Feliz, Los Angeles.
The subject property was a 3,751 sq. ft. home on a 21,566 sq. ft. lot.
The house has 4 bedrooms, 3.5 bathrooms, a studio apartment over the garage, and a swimming pool.
The property was purchased in 2018 for $2.3 million, and the borrower made approximately $400,000 worth of upgrades and repairs in an attempt to fix and flip it.
The borrower listed the property for $3.9 million but could not get any offers.
The homeowner had a $2.6 million private money loan with another lender that was reaching its maturity date.
We required the borrower to inject $500,000 additional funds into the property to increase his equity position.
The sale price of the property was recently reduced to $3.4 million.
Our estimation was that the property would sell within the next 6 months for between $3.1 and $3.3 million.
Our $2.1 million private money loan puts the LTV at around 65%.
This loan was attractive to us because of the property’s great location, the new condition of the home, and the borrower's strong track record as a repeat client.
Whether you need a probate loan to buy out your siblings for an inherited property in Long Beach or would like to refinance a hard money loan for an office building in Hollywood, our knowledgeable and experienced team can assist you with all your fix and flip loan needs.
See why we are the leading fix and flip lender in California.
