2019 is off to a great start! With the new year came a new batch of borrowers eager to get their construction projects underway and start building wealth. Here's a look at some of the recently funded new construction and fix and flip loans from last month, highlighting projects closed in North Carolina and Pennsylvania.
Single-Family New Construction Loan (2 Units)
The borrower will use loan funds to build two new-construction single-family residences in a suburban neighborhood. The lots was acquired for $47,900 each and the borrower will build with a total budget of $560,000. At completion, the properties are expected to be worth $980,000.
Single-Family New Construction Loan
The borrower will use loan funds to build a new-construction single-family residence in a suburban neighborhood. The lot was acquired for $483,333. The borrower has completed approximately $330,000 of prior construction and the has a remaining budget of $350,000. At completion, the property is expected to be worth $1,439,000. The borrower has also pledged a 33-acre parcel of land as additional collateral.
Single-Family Fix and Flip Loan
The borrower will use loan funds to renovate a single-family residence in a suburban neighborhood. The property was acquired for $475,000. The borrower will complete approximately $15,000 of renovations, at which time the property is expected to be worth $665,000.
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