Washington, DC

$1,665,000

2-4 Units Residential, Single Family Residence

Residential Rehab

03/04/2016
Transaction by
Great Jones Capital
$1,665,000 hard money loan for the purchase and renovation of a residential property in the Bloomingdale neighborhood of Washington DC. The purchase price was $815,000 and the construction / rehab costs are estimated at $850,000. The subject property is 5,000 square foot single family home. The project sponsor plans to convert the home into 2 condo units and sell upon completion within 2 years. The estimated ARV (after-repair value) is $2,400,000 which makes the loan-to-value 69%. Although we provided 100% of the costs for this projects, the borrower used equity in another property as collateral. The cross-collateralized property is a 4-unit multifamily property in DC’s Trinidad neighborhood.