Single-Family Home in Mendon, MA
A repeat FMC borrower purchased this single-family home in Mendon, MA for $375,000. He completed a renovation of the property and sold it for $551,000.
FMC Financial Group provided $371,000 of financing: A $300,000 acquisition loan and a $71,000 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 159% 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 | $375,000 |
| Renovations | $71,000 |
| Closing Costs |
$9,920 |
| Total Cost | $455,920 |
| Financing:` | |
| Acquisition Loan | $300,000 |
| Construction Loan | $71,000 |
| Equity | $84,920 |
| Total Financing | $455,920 |
| Return on Investment: | |
| Gross Selling Price | $551,000 |
| Closing Costs | ($19,030) |
| Interest Expense | ($25,970)` |
| Loan Repayment | ($371,000) |
| Net Profit | $135,000 |
| Return on Equity | 159% |