Single-Family Home in Dudley, MA
A repeat FMC borrower purchased this single-family home in Dudley, MA for $230,000. He completed a renovation of the property and sold it for $370,000.
FMC Finacial Group provided $219,000 of financing: A $184,000 acquisition loan and a $35,000 construction loan. The loan was for 12 months at 12% interest. It was secured by a first mortgage on the property.
The borrower made a 240% return on his equity investment.
Have you identified a property that you would like to acquire? Contact us today, and make a more competitive offer!
| Project Cost: | |
|---|---|
| Purchase Price | $230,000 |
| Renovations | $35,000 |
| Closing Costs |
$6,880 |
| Total Cost | $271,880 |
| Financing: | |
| Acquisition Loan | $184,000 |
| Construction Loan | $35,000 |
| Equity | $52,880 |
| Total Financing | $271,880 |
| Return on Investment: | |
| Gross Selling Price | $370,000 |
| Closing Costs | ($13,600) |
| Interest Expense | ($10,950) |
| Loan Repayment | ($219,000) |
| Net Profit | $126,450 |
| Return on Equity | 240% |