Recently Funded Fix & Flip Loan In Richmond, Virginia

Loan Scenario:

This fix and flip loan features a detached single-family home in Richmond, Virginia. Specifically, the home sits in the 23220 ZIP code, in the sought-after Museum District. American Heritage Lending funded $331,652 as a 12-month interest-only loan. So, the loan carries an LTC of 93.00% and an LTARV of 69.82%. The purchase price is $297,000, with a rehab budget of $59,616. Also, the ARV is $475,000. The borrower is a seasoned real estate investor.

First, the scope covers kitchen and bath work, with new counters and fixtures. Then, floors get a new finish and tile goes in throughout. Next, a full appliance set goes in, along with a new HVAC system and ductwork. Also, plumbing repairs and wiring work round out the systems. Last, outside work covers siding repairs, drainage fixes, gutter work, yard work, and a full paint package.

Richmond’s Museum District draws strong buyer demand and stays tight on supply. Improved homes here sell well, and buyers pay more for ones that are move-in ready. Also, the 23220 area is easy to walk, close to top jobs, parks, and dining. So, a fully improved home here draws strong offers. This project targets that market well.

Overall, this deal shows how American Heritage Lending backs skilled investors with strong tools. The 93.00% LTC gives the borrower strong buying power while keeping cash free. Also, the 12-month interest-only term gives the team room to focus on the work. Clear terms let the borrower move with speed and purpose. So, they can bring a finished home to a ready market.