Single-Family Home in New Bedford, MA
A new FMC borrower purchased this single-family home in New Bedford, MA for $154,900. He completed a renovation of the property and sold it for $315,000.
FMC Financial Group provided $183,000 of financing: A $123,000 acquisition loan and a $60,000 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 267% return on his equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $154,900 |
| Renovations | $60,000 |
| Closing Costs |
$6,160 |
| Total Cost | $221,060 |
| Financing: | |
| Acquisition Loan | $123,000 |
| Construction Loan | $60,000 |
| Equity | $38,060 |
| Total Financing | $221,060 |
| Return on Investment: | |
| Gross Selling Price | $315,000 |
| Closing Costs | ($11,950) |
| Interest Expense | ($18,300) |
| Loan Repayment | ($183,000) |
| Net Profit | $101,750 |
| Return on Equity | 267% |