Croydon, PA Fix & Flip
Address: Croydon, PA
Borrower Profile: 1st time flippers: husband and wife team
Work Description: Gut renovation of an suburban single family home in a North Philadelphia suburb
Purchase Price: $77,000
Renovation Budget: $40,000
Loan Amount: $100,000
Cash Available for Purchase: $53,000
Cash Available for Renovation: $40,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $190,000
Sale Price: $180,000
Time To Pay Off: 10 months
Kitchen Before
Kitchen After
Situation:
Borrowers met ABL at a REIA event and pre-qualified as first time flippers, but also possessed a wealth of experience in the building trades. The borrowers found their property on the MLS as an REO. They called the realtor and made the deal happen. The borrower sent the deal summary to ABL and we agreed to fund the deal.
Outcome:
The rehabilitation project was very straightforward, taking only 90 days to complete. The selling period was longer than anticipated and took over 6 months. Nevertheless, the deal was highly profitable.
Bathroom Before
Bathroom After
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