Washington DC Fix and Flip Lenders

Navigator Private Capital, a private real estate lender, funded an $840,000 fix and flip loan in 1st lien position for a single-family residence in Washington DC. The purchase price was $667,156 and the renovation budget was $200,550. We funded 75% of the purchase and 95% of the renovation while the Borrower contributed 25% and 5% cash at closing, respectively. The after-repair value was estimated to be $1,120,000 so our loan-to-after-repair value was 75%. Our client meticulously updated this single-family home in a commuter-friendly Woodridge neighborhood home from top to bottom. The Borrower was refinishing the kitchen and bathrooms, installing new flooring throughout, and refreshing the homes’ curb appeal with Hardie plank siding, new landscaping, and additional parking. We expect a quick sale once the work is completed. The subject property was in fair condition and vacant at closing. The building was approximately 2,300 square feet set in a 4,000-square-foot lot. The Borrower plans to sell the property upon completion of the heavy rehab. The loan term was set at 12 months. This SFR fix and flip loan was funded in October 2022.

$495K 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.