Single-Family Home in Northbridge, MA
A repeat FMC borrower purchased this single-family home in Northbridge, MA for $275,000. He completed a renovation of the property and sold it for $405,000.
FMC Financial Group provided $260,000 of financing: A $220,000 acquisition loan and a $40,000 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 191% return on his equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $275,000 |
| Renovations | $40,000 |
| Closing Costs |
$7,700 |
| Total Cost | $322,700 |
| Financing: | |
| Acquisition Loan | $220,000 |
| Construction Loan | $40,000 |
| Equity | $62,700 |
| Total Financing | $322,700 |
| Return on Investment: | |
| Gross Selling Price | $405,000 |
| Closing Costs | ($14,650) |
| Interest Expense | ($10,400) |
| Loan Repayment | ($260,000) |
| Net Profit | $119,950 |
| Return on Equity | 191% |