Single-Family Home in Berkley, MA
A new FMC borrower purchased this single-family home in Berkley, MA for $280,000. He completed a renovation of the property and sold it for $540,000.
FMC Financial Group provided $342,000 of financing: A $252,000 acquisition loan and a $90,000 construction loan. The loan was for 12 months at 14% interest. It was secured by a first mortgage on the property.
The borrower made a 395% return on his equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $280,000 |
| Renovations | $90,000 |
| Closing Costs |
$9,340 |
| Total Cost | $379,340 |
| Financing: | |
| Acquisition Loan | $252,000 |
| Construction Loan | $90,000 |
| Equity | $37,340 |
| Total Financing | $379,340 |
| Return on Investment: | |
| Gross Selling Price | $540,000 |
| Closing Costs | ($18,700) |
| Interest Expense | ($31,920) |
| Loan Repayment | ($342,000) |
| Net Profit | $147,380 |
| Return on Equity | 395% |