Single-Family Home in Swansea, MA
A new FMC borrower purchased this single-family home in Swansea, MA for $199,900. He completed a renovation of the property and sold it for $372,000.
FMC Financial Group provided $244,000 of financing: A $159,000 acquisition loan and a $85,000 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 207% return on his equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $199,900 |
| Renovations | $85,000 |
| Closing Costs |
$7,380 |
| Total Cost | $292,280 |
| Financing: | |
| Acquisition Loan | $159,000 |
| Construction Loan | $85,000 |
| Equity | $48,280 |
| Total Financing | $292,280 |
| Return on Investment: | |
| Gross Selling Price | $372,000 |
| Closing Costs | ($13,660) |
| Interest Expense | ($14,640) |
| Loan Repayment | ($244,000) |
| Net Profit | $99,700 |
| Return on Equity | 207% |