Recently Funded Fix And Flip Loan In Saint Petersburg, FL

Loan Scenario:

This fix-and-flip project involves a single-family detached home located in Saint Petersburg, Florida, purchased for $607,000 with a rehab budget of $330,000. The total loan amount secured for this project is $921,000, resulting in a Loan-to-Cost (LTC) ratio of 98% and a Loan-to-After Repair Value (LTARV) of 68%.

The after-repair value (ARV) of the property is projected at $1,350,000, indicating a significant potential for return on investment. The scope of work involves extensive renovations, including the addition of a second story, roof replacement, installation of new windows and HVAC, and the construction of a small pool in the backyard. The main house will be transformed into a 4-bedroom, 3.5-bath property spanning 2,350 sq. ft., with a reconfigured layout that includes relocating the master bedroom to the back of the house.

Other key improvements include a full remodel of the bathrooms, the installation of new engineered wood flooring throughout the home, and an updated kitchen with a new island and quartz countertops. This property also benefits from significant structural updates, including foundation work and framing, along with aesthetic improvements such as new paint and updated fixtures.

Saint Petersburg’s real estate market has seen steady growth, with an average home price increase in recent years, positioning this project to capitalize on the city’s demand for upgraded homes. The combination of strategic structural improvements and cosmetic updates aims to maximize both the livability and marketability of the property.

The professional investor behind this project will leverage the financing to execute these comprehensive renovations, targeting a profitable return by capitalizing on the increasing demand in the Saint Petersburg real estate market.