Single-Family Home in Leominster, MA
A new FMC borrower purchased this single-family home in Leominster, MA for $217,000. He completed a renovation of the property and sold it for $195,000.
FMC Financial Group provided $267,000 of financing: A $156,000 acquisition loan and a $111,000 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 255% return on his equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $195,000 |
| Renovations | $111,000 |
| Closing Costs |
$7,840 |
| Total Cost | $313,840 |
| Financing: | |
| Acquisition Loan | $156,000 |
| Construction Loan | $111,000 |
| Equity | $46,840 |
| Total Financing | $313,840 |
| Return on Investment: | |
| Gross Selling Price | $420,000 |
| Closing Costs | ($15,100) |
| Interest Expense | ($18,690) |
| Loan Repayment | ($267,000) |
| Net Profit | $119,210 |
| Return on Equity | 255% |