Recently Funded Fix And Flip Loan In Port Charlotte, FL

Loan Scenario:

This fix-and-flip project involves a single-family detached home located in Port Charlotte, Florida. The property was purchased for $144,000, with a comprehensive rehab budget of $20,850 to enhance its appeal and functionality. The total loan amount secured for this project is $164,850, achieving a Loan-to-Cost (LTC) ratio of 100% and a Loan-to-After Repair Value (LTARV) of 66%.

The after-repair value (ARV) of the property is projected at $250,000, reflecting the substantial renovations planned. The scope of work includes replacing all windows, installing new kitchen countertops and cabinets, and updating all appliances. The project also encompasses critical improvements such as interior and exterior painting, flooring updates throughout, and bathroom renovations, including new vanities and fixtures.

In addition to enhancing the living space, these renovations aim to modernize the home, making it more attractive to potential buyers in a competitive market. The local real estate market in Port Charlotte has seen increased demand, with home values rising steadily. According to recent statistics, the median home price in Port Charlotte is around $305,000, indicating strong appreciation potential.

The experienced investor will utilize the financing to cover all hard costs associated with these enhancements, ensuring a thorough transformation of the property. By executing these strategic renovations, the project aims to maximize returns while significantly enhancing the overall value and appeal of the home in the vibrant Port Charlotte real estate market.