Single-Family Home in Hopkinton, MA
A repeat FMC borrower purchased this single-family home in Hopkinton, MA for $465,000. He completed a renovation of the property and sold it for $927,000.
FMC Financial Group provided $608,000 of financing: A $372,000 acquisition loan and a $236,000 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 200% 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 | $465,000 |
| Renovations | $236,000 |
| Closing Costs |
$14,660 |
| Total Cost | $715,660 |
| Financing: | |
| Acquisition Loan | $372,000 |
| Construction Loan | $236,000 |
| Equity | $107,660 |
| Total Financing | $715,660 |
| Return on Investment: | |
| Gross Selling Price | $927,000 |
| Closing Costs | ($30,310) |
| Interest Expense | ($72,960) |
| Loan Repayment | ($608,000) |
| Net Profit | $215,730 |
| Return on Equity | 200% |