Single-Family Home in Bridgewater, MA
A new FMC borrower purchased this single-family home in Bridgewater, MA for $405,000. She completed a renovation of the property and sold it for $655,000.
FMC Financial Group provided $453,000 of financing: A $378,000 acquisition loan and a $75,000 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 329% return on her equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | 405,000 |
| Renovations | $75,000 |
| Closing Costs |
$11,560 |
| Total Cost | $491,560 |
| Financing: | |
| Acquisition Loan | $378,000 |
| Construction Loan | $75,000 |
| Equity | $38,560 |
| Total Financing | $491,560 |
| Return on Investment: | |
| Gross Selling Price | $655,000 |
| Closing Costs | ($22,150) |
| Interest Expense | ($53,850) |
| Loan Repayment | ($453,000) |
| Net Profit | $127,000 |
| Return on Equity | 329% |