Equidy provided the hard money fuel for an experienced ‘flipper’, who made a significant profit on his California property project.
The challenge
An experienced property entrepreneur came to Equidy in 2021 looking for funding for a fix and flip single family home in Vacaville, California.
The property had plenty of potential but really needed some updates to the kitchen and living spaces, and the borrower had exciting ideas for how to make this seemingly dilapidated property become someone’s dream home!
We looked at the After Repair Value (ARV) when determining what the loan could look like to best assist our borrower, and the client chose to pay the improvement costs out of pocket.
Our team gave the borrower a fast approval on a $370,000 loan, with just 15% down.
The result
The borrower was able to use the loan to purchase the property and then their out of pocket expenses went towards transforming the living room, kitchen, bedrooms, restoring the fireplace and giving the home some updated curb appeal.
The deal closed in late December and the project was completed just two months later.
The property sold for $575,000, $10,000 over the listed price with a $205,000 increase in property value. And it was only on the market for four days!
This loan was not only a benefit to the borrower, who got fast and easy finance for a quick turnaround on this profitable project, but also to the realtor who represented them as the buyer for the home then listed it for sale, allowing for two deals back to back!
How can we help you?
Download our free ebook, The Flippers Guide to Funding Your Property Empire, to learn about funding strategies for your property dreams.
You can also book a free, no obligation strategy call with one of our experts to talk about the finance options available for your project.
