In late 2013 a borrower from Greenville, SC reached out to Lending HQ to secure funds for a fix and flip project. This individual is a general contractor with 20 years of experience in construction and remodeling and he has previously worked on other investor’s fix and flip projects. He was now seeking funds for his own project, where he would handle the whole process from purchase to rehab and of course resale of the house.
Loan Closing
Lending HQ successfully secured the funds for the purchase as well as the $60,000 needed for rehab. The borrower did not have to bring any cash to closing, instead he pledged another piece of real estate as additional collateral. Additionally, we were able to roll 6 months of payments into the loan and by working though our process he acquired the property for over $25,000 less than the initial contract!
The Property
This large, split level, 4 bed 4 bath 3,500 sq. ft. house is located in a great neighborhood in the highly sought after Wren school district in the Greenville, SC area.
The Rehab
The property required an extensive renovation: most of the walls were covered in wallpaper, flooring needed to be replaced, house needed a new roof, all new HVAC units along with new ductwork, a full new kitchen, plumbing and a long list of other improvements. The rehab was split into 4 draws, with initial funds disbursed right at the time of loan closing. I had the opportunity to personally inspect the property prior to closing, and then again during the renovations in order to disburse the remaining rehab funds. I’ve included some pictures from those inspections below where you can see the borrower’s craftsmanship as he’s completed most of the work himself – just talk a look at the kitchen or the custom designed master bathroom!
This property was a diamond in the rough. The borrower was able to see that, bring it back to its full potential and make it shine with a custom designed master bathroom, recessed lighting and attention to every detail along the rehab process. This was a successful flip, the house sold for $228,000, and having established himself on this first transaction, we have continued to work with this borrower.
Property Rehab Pictures
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