Single-Family Home in Gardner, MA
A repeat FMC borrower purchased this single-family home in Gardner, MA for $160,000. He completed a renovation of the property and sold it for $294,000.
FMC Financial Group provided $185,000 of financing: A $144,000 acquisition loan and a $41,000 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 372% 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 | $160,000 |
| Renovations | $41,000 |
| Closing Costs |
$6,200 |
| Total Cost | $207,200 |
| Financing:` | |
| Acquisition Loan | $144,000 |
| Construction Loan | $41,000 |
| Equity | $22,260 |
| Total Financing | $207,200 |
| Return on Investment: | |
| Gross Selling Price | $294,000 |
| Closing Costs | ($11,320) |
| Interest Expense | ($15,108) |
| Loan Repayment | ($185,000) |
| Net Profit | $82,572 |
| Return on Equity | 372% |