Location: Philadelphia, PA
Work Description: Fix & Flip – Single Family
Purchase Price: $145,000
Renovation Budget: $60,200
Loan Amount: $183,250
Loan Structure: 12 Months Interest Only
Loan Purpose: Hard Money Fix and Flip Loan
After Repaired Value: $300,000
Situation:
Source Realty Capital recently funded the purchase of a single family home in Philadelphia, PA. The borrower, a new customer, is an experienced investor that needed a lender which understands his capital needs. Source Realty Capital was able to close this loan in under a week and provide the investor with the capital he needed for the renovation budget. We advanced the borrower 85% of the purchase and 100% of the renovation budget.