This month, we are straying from our monthly fix and flip highlights to showcase the diversity in our portfolio. We have many exciting new projects that closed last month all along the east coast. From Florida to New Jersey, our team has been working hard to fund promising deals, guide projects and draw schedules and ensure our investors receive consistently high returns. Plus, we added Ohio and Tennessee to our roster this month!
Below we've highlighted four projects that are now underway using our non-institutional loans including single- and multi-property rehabs, single-family new construction
August Highlight 1: Single-Family Fix & Flip Loan
Rock Hill, SC
The borrower will use loan funds to renovate a single-family residence in a suburban neighborhood. The property was acquired for $70,000. The borrower will complete approximately $56,000 of renovations, at which time the property is expected to be worth $180,000.
Note Amount: $122,425 | LTV at Completion: 68.0% | Expected Net: $54,000
August Highlight 2: Multi-Unit Fix & Flip Loan
The borrower will use loan funds to renovate a 4-unit residence in an urban neighborhood. The property was acquired for $800,000. The borrower will complete approximately $640,000 of renovations, at which time the property is expected to be worth $2,178,000. The appraisal supports strong demand in the local market, with average market times of less than ninety days.
Note Amount: $1,180,000 | LTV at Completion: 54.2% | Expected Net: $738,000
Want to learn more about how our clients are using their fix and flip loans? Check out our case studies here. →
August Highlight 3: Single Family New Construction Loan
New Port Richey, FL
The borrower will use loan funds to build a new construction single-family residence in a suburban neighborhood. The lot was acquired for $15,000. The borrower will build with a budget of $180,000, at which time the property is expected to be worth $240,000. The borrower has also pledged two building lots as additional collateral.
Note Amount: $197,000 | LTV at Completion: 59.7% | Expected Net: $45,000
August Highlight 4: New Townhome Construction Loan
The borrower will use loan funds to build seven townhomes near downtown Charlotte. The lots were acquired and partially developed by the borrower at a cost of $640,000. The borrower will build the seven units with a total budget of $1,625,000, and they are expected to be worth $2,730,000 at completion ($390,000 each). This is the borrower's second deal with LYNK.
Note Amount: $1,800,000 | LTV at Completion: 65.9% | Expected Net: $465,000
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