Recently Funded Fix And Flip Loan In Conover, NC

Loan Scenario:

This fix-and-flip project involves a single-family detached home located in Conover, North Carolina. The property was purchased for $170,190, with a comprehensive rehab budget of $50,400. The total loan amount secured for this project is $195,830, resulting in a Loan-to-Cost (LTC) ratio of 89% and a Loan-to-After Repair Value (LTARV) of 68%.

The after-repair value (ARV) of the property is projected at $290,000, indicating significant potential for return on investment. The scope of work includes essential improvements such as installing a new roof and renovating the HVAC system. Other critical updates include restoring the side deck, remodeling the master bathroom with a new toilet, vanity, and mirror, and refurbishing both additional bathrooms with similar updates.

The project will also include cosmetic enhancements like fresh interior paint throughout, replacing the flooring with vinyl, and upgrading appliances including a new fridge, range, and microwave. The exterior improvements will encompass new landscaping, window replacements, and necessary cleanup of the yard.

Conover’s real estate market is on the rise, with home values increasing steadily. The median home price in Conover is around $220,000, which positions this property for strong appreciation following the planned renovations.

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