Hard Money Loan for Row House Fix & Flip in Washington DC

Adler Private Lending, a direct lender for DC and Northern Virginia, funded a $577,000 1st lien position hard money loan for a row house fix and flip in the Eckington neighborhood of Washington DC. The Borrower is a contractor who acts as a general contractor for a number of local house flippers. He occasionally does his own projects. The purchase price was $475,000 and the construction / rehab budget is $120,000. The Borrower paid $60,000 cash toward the purchase, and Adler funded the remaining 90% of costs. The subject property was in terrible condition and almost uninhabitable. It’s a 3-bedroom house with 2 parking spaces, approximately 1,044 square feet. Part of the remodel will include expanding the basement, which will result in a new building size of 1,550 square feet. The property will be put on the market upon completion of the renovation, within 6 months. The anticipated sale price is $800,000. Lately the Eckington neighborhood has been very desirable for property investors who are actively flipping houses. Around 10-20% of the homes on the same street and the subject property have been recently rehabbed and flipped. It is a very competitive market, and fast funding is crucial for property investors. The Borrower found Adler on PrivateLenderLink.com, and the acquisition was funded within 7 days of the initial inquiry. This hard money loan was funded in August 2016.