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Bridgeport Connecticut Cash Out And Rehab Loan

Address: Bridgeport, CT
Borrower Profile: Experienced investor and repeat borrower
Work Description: Substantial interior and exterior renovation of a single-family home
Purchase Price: $189,500
Renovation Budget: $88,000
Loan Amount: $248,000 ($146,000 cash out at close)
Cash Available for Renovation: $88,000
Loan Structure: 12 months interest only
Loan Purpose: Cash Out and Rehabilitation
ARV: $390,000
Sale Price: $365,000
Time To Pay Off: 6 months
Situation:

This fix and flip property in Bridgeport, CT was a mess before our investors got their hands on it! Not only was this house and its “outside storage sheds” full of clutter, it needed a complete renovation. Our investors began by repairing the fragmented foundation and the leaky roof as well as opening up the main floor for a bigger living space. Along with making the unfinished basement a livable area, every wall in the house needed a fresh coat of paint and each room an update in flooring; the bathroom and kitchen were completely ripped out and replaced with modern furnishings and appliances.  Once the inside and structure of the home were completed, our investors moved outwards, adding new siding and a back-yard deck to the home as well as fixing up two outdoor storage sheds and bringing the abandoned in-ground pool back to life! After only a few short months of rehabbing, our investors were able to turn this run down property into someone’s dream home! In just six months, the house was sold for a significant profit and their loan was paid off – with no prepayment penalty!

Outcome:

See for yourself! Check out this before and after video.

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