Deal Status

Active

Property Address

1632 Oak Street NW

Washington DC, Virginia

20010

Requested Loan Amount

175000

Loan to Value

32

Loan Term

12

Lien Position

2nd

Collateral Type

Residential Property

Exit Strategy

Sale of Subject Property

Property Type

Condominium

Number of Bedrooms

6

Number of Bathrooms

4

Property Occupied

No

Loan Type

Purchase, Rehab Fix & Flip

Property Sq. Footage

1500

Renovation Cost Estimate

570000

Renovation Description

This 1939 built single family row-home will get a complete interior/exterior renovation, as well as a bump up and bump out. Starting at 1500 sq. ft., the home will be converted into 2 Condo Units at 1500 sq. ft. each, totaling 3000 sq. ft. Please see the conceptual drawings below. Unit 1will utilize the basement and 1st floor and be built as a 3 Bedroom and 2 ½ Bathroom residence. The ARV Appraisal is $830,000.00. Unit 2 will utilize the 2nd and 3rd floors and be built as a 3 Bedroom, 2 ½ Bathroom residence with a roof top terrace. It's ARV Appraisal is $860,000.00. The property is currently zoned for 2 units, so the project will only require a standard permitting process. It is anticipated that permitting will take 2 months and construction will take 6 months. The total time for the project should be 10 months. The average Days on Market is 5-8 days. Most Buyers are All-Cash Buyers. The total time for this investment has been adjusted to 12 months. The extra 2 months are to allow for any delays in permitting or construction, due to weather conditions in the winter. We are looking for a GAP funds or a private investor to fund the entire project.

Renovation Budget

Yes

Future Value

1690000

Future Loan to Value

10.4

Renos Completed

3

Contractor

No

Team Ready

Yes

APN Parcel ID

2621-0000-0771

Lot Size

0.44

Will additional properties be collateralized?

No

Borrower Entity

Individual(s)

Borrower Credit Rating

Excellent

Additional Attachments

4
4
4
4
4

Comments

The deal needs fast funding as we are out of time to close. Lost original funding due to change in terms.

First Name

Michele

Last Name

Johnson

Company

Exodus Equity Funding Solutions

Role

Private Money Broker and Investor Scout

Location

La Grange
California
USA