Recently Funded Fix And Flip Loan In High Point, NC

Loan Scenario:

This fix-and-flip project involves a single-family detached home located in High Point, North Carolina. The property was purchased for $111,250, with a comprehensive rehab budget of $50,000. The total loan amount secured for this project is $140,250, resulting in a Loan-to-Cost (LTC) ratio of 87% and a Loan-to-After Repair Value (LTARV) of 64%.

The after-repair value (ARV) of the property is projected at $220,000, indicating a substantial potential for profit. The scope of renovations includes critical exterior and interior updates to enhance the home’s appeal and functionality. Exterior improvements will involve pressure washing, repainting the siding, landscaping, repairing the front porch, and replacing the roof.

Internally, the plan encompasses replacing the flooring with luxury vinyl plank (LVP) throughout the kitchen, hallway, living room, bedrooms, and bathroom. The kitchen will be updated with new cabinets and countertops, while appliances such as a fridge and range will be installed. The bathrooms will also receive new vanities, and the property will be finished with fresh paint on ceilings and walls.

High Point’s real estate market shows promise for investors, as the city has been experiencing steady growth in home values. Recent trends indicate that the median home price in High Point is approximately $175,000, which highlights the potential for appreciation after the renovations are completed.

The semi-experienced investor will leverage this financing to cover all hard costs associated with the renovations, ensuring a thorough and efficient 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 growing High Point real estate market