Single-Family Home in Stoneham, MA
A repeat FMC borrower purchased this single-family home in Stoneham, MA for $440,000. He completed a renovation of the property and sold it for $590,000.
FMC Financial Group provided $409,000 of financing: A $374,000 acquisition loan and a $35,000 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 167% 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 | $440,000 |
| Renovations | $35,000 |
| Closing Costs |
$10,680 |
| Total Cost | $485,680 |
| Financing: | |
| Acquisition Loan | $374,000 |
| Construction Loan | $35,000 |
| Equity | $76,680 |
| Total Financing | $485,680 |
| Return on Investment: | |
| Gross Selling Price | $590,000 |
| Closing Costs | ($20,200) |
| Interest Expense | ($32,720) |
| Loan Repayment | ($409,000) |
| Net Profit | $128,080 |
| Return on Equity | 167% |