Single-Family Home in Attleboro, MA
A new FMC borrower purchased this single-family home in Attleboro, MA for $345,000. He completed a renovation of the property and sold it for $575,000.
FMC Financial Group provided $373,000 of financing: A $293,000 acquisition loan and an $80,000 construction loan. The loan was for 12 months at 13% interest. It was secured by a first mortgage on the property.
The borrower made a 262% return on his equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $345,000 |
| Renovations | $80,000 |
| Closing Costs |
$9,960 |
| Total Cost | $434,960 |
| Financing: | |
| Acquisition Loan | $293,000 |
| Construction Loan | $80,000 |
| Equity | $61,960 |
| Total Financing | $434,960 |
| Return on Investment: | |
| Gross Selling Price | $575,000 |
| Closing Costs | ($19,750) |
| Interest Expense | ($20,200) |
| Loan Repayment | ($373,000) |
| Net Profit | $162,050 |
| Return on Equity | 262% |