fix and flip investment properties

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Meriden CT Fix & Flip Loan

Address: Meriden, CT
Borrower Profile: First-time flipper
Work Description: Significant renovation of a 3 family home
Purchase Price: $62,500
Renovation Budget: $60,000
Loan Amount: $98,000
Cash Available for Purchase: $38,000
Cash Available for Renovation: $60,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $170,000
Sale Price: $180,000
Time To Pay Off: 12 months
Situation:

This three-family home was in shambles before our first-time investors took hold of it; the property was riddled with water damage and along with there being holes in most walls, all fixtures and cabinets were hanging on by a thread.  For this fix and flip, our investors began with reconstructing the frame of the property by adding a carrying wall in the basement and re-framing the second-floor carrier and columns in order to make each porch safe and secure. The exterior was then repaired and given a fresh paint job! When they moved inside, a demolition of each kitchen and bathroom was completed, followed by repairing and replacing drywall throughout every room in each of the three units. All damaged interior doors were replaced, and a fresh coat of paint was given to each wall! The once dingy and dull hardwood floors were brought back to their original shiny state and new cabinets, counter tops and appliances were added to each kitchen in addition to new tiles and fixtures being added to each bathroom. Along with cosmetic and structure updates, these investors used their hard money loan to add new heating and a/c units as well as new railings to ensure safety for all who enter!

Outcome:

Hard money loans in Connecticut for fix and flips
Kitchen - Before
Recently funded hard money loan for fix and flip in CT
Kitchen - After
Meriden CT fix and flip lender
Bedroom - Before
Fix and flip loans in Connecticut
Bedroom - After
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