Single Family Residence
Residential Fix and Flip04/20/2016
Lantzman Lending completed a $355,000 hard money loan for a residential property rehab project in South Sacramento, CA. The Borrower is an experienced real estate investor who needed a hard money loan to acquire and rehab the property. We funded this loan back in July 2015 and it was recently paid off. The purchase price was $400,000 and rehab costs were approximately $55,000. Our $355,000 1st trust deed loan included 78% of the purchase price plus 100% of the rehab costs. The Borrower put $100,000 cash into the deal. The Borrower remodeled the home, put it on the market, and sold it last month for $550,000. The entire hard money loan cycle was 8 months and the LTV (loan-to-value) was 65% based on the after-repair value.