Recently Funded Fix To Rent Loan In Santa Fe, NM

Loan Scenario:

American Heritage Lending recently funded this Fix To Rent loan in Santa Fe, New Mexico. Using AHL’s industry-leading one time close product, this investor was able to have the purchase and renovation funded with a loan that will convert to a permanent DSCR loan once the rehab is completed – all without a second closing! The subject property was purchased for $254,000 with a rehab budget of $40,000 against an After Repair Value of $401,000. The scope of work for renovating this 1,165 square foot single family home includes a new HVAC system, gutting the kitchen and bathrooms, as well as new paint, flooring, and fixtures throughout.

The initial bridge component of the loan was funded at over 98% LTC, and once the property is renovated the borrower expects it to rent for $2,300 per month leaving the property cashflow positive at a 1.15x DSCR.