Last week Adler Private Lending funded a $494,792 hard money loan for the purchase and rehab of a single family home in the Trinidad neighborhood of Washington DC. The acquisition price was a little over $500,000. The Borrower put a small amount of cash toward the purchase, and Adler funded the remaining 95%. The house is in terrible condition and will require an extensive renovation. The property is structurally sound, but it needs to be completely gutted. Part of the remodel will include a new basement which will add more value. The estimated ARV (after-repair value) is $700,000 so the LTV (loan-to-value) for our hard money loan is 70%. It appeared that one in every three homes on the same street had been recently remodeled. This is the Borrower’s second project to be funded by Adler, and we expect to do more in the near future.