Annapolis MD Fix And Flip
Address: Annapolis, MD
Borrower Profile: Experienced investors with flipping experience: husband and wife team
Work Description: Medium renovation of a suburban single family home in Annapolis suburb
Purchase Price: $270,000
Renovation Budget: $30,000
Loan Amount: $220,000
Cash Available for Purchase: $190,000
Cash Available for Renovation: $30,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $365,000
Sale Price: $397,777
Time To Pay Off: 2 months
Kitchen Before
Kitchen After
Situation:
The borrowers found ABL through an online search. The borrowers had not previously used hard money, but were illiquid due to the ownership of another flip. The property purchase was moderately complicated due to an easement issue that needed to be cleared with the seller’s estate.
Outcome:
The borrowers paid ABL back within two months without prepayment penalty upon the sale of their other flip project. The borrowers went on to rehab and list the house.
Dining Room Before
Bathroom Before
Dining Room After
Bathroom After
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