Single-Family Home in Lunenburg, MA
A repeat FMC borrower purchased this single-family home in Lunenburg, MA for $217,000. She completed a renovation of the property and sold it for $365,000.
FMC Financial Group provided $240,000 of financing: A $195,000 acquisition loan and a $45,000 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 332% return on her equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $217,000 |
| Renovations | $45,000 |
| Closing Costs |
$7,300 |
| Total Cost | $269,300 |
| Financing: | |
| Acquisition Loan | $195,000 |
| Construction Loan | $45,000 |
| Equity | $29,300 |
| Total Financing | $269,300 |
| Return on Investment: | |
| Gross Selling Price | $365,000 |
| Closing Costs | ($13,450) |
| Interest Expense | ($14,400) |
| Loan Repayment | ($240,000) |
| Net Profit | $97,150 |
| Return on Equity | 332% |