Single-Family Home in Worcester, MA
A new FMC borrower purchased this single-family home in Worcester, MA for $170,000. She completed a renovation of the property and sold it for $300,000.
FMC Financial Group provided $188,000 of financing: A $153,000 acquisition loan and a $35,000 construction loan. The loan was for 12 months at 14% interest. It was secured by a first mortgage on the property.
The borrower made a 404% return on her equity investment.
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| Project Cost: | |
|---|---|
| Purchase Price | $170,000 |
| Renovations | $35,000 |
| Closing Costs |
$6,260 |
| Total Cost | $211,260 |
| Financing:` | |
| Acquisition Loan | $153,000 |
| Construction Loan | $35,000 |
| Equity | $23,260 |
| Total Financing | $211,260 |
| Return on Investment: | |
| Gross Selling Price | $300,000 |
| Closing Costs | ($11,500) |
| Interest Expense | ($6,580) |
| Loan Repayment | ($188,000) |
| Net Profit | $93,920 |
| Return on Equity | 404% |