Single-Family Home in Saugus, MA
A new FMC borrower purchased this single-family home in Saugus, MA for $300,000. He completed a renovation of the property and sold it for $465,000.
FMC Financial Group provided $280,000 of financing: A $240,000 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 215% 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 | $300,000 |
| Renovations | $40,000 |
| Closing Costs |
$8,100 |
| Total Cost | $348,100 |
| Financing: | |
| Acquisition Loan | $240,000 |
| Construction Loan | $40,000 |
| Equity | $68,100 |
| Total Financing | $348,100 |
| Return on Investment: | |
| Gross Selling Price | $465,000 |
| Closing Costs | ($16,450) |
| Interest Expense | ($22,400) |
| Loan Repayment | ($280,000) |
| Net Profit | $146,150 |
| Return on Equity | 215% |