Seeking Financing For Boston, MA Area Flip!

[Patrick Wheeler]

Hey Everyone,

I have a flip opportunity under contract in Stoughton, MA that I am looking to hopefully receive some help in getting the acquisition financed. This will be my third rehab project, so I have been able to establish a pretty solid team for what I am doing.

Here are the details regarding the flip:

Asking Price: $199,000
Closing Date: July 31, 2017
Non-Refundable EMD: $10,000
Potential Profit: $40,042

Projected Resale Price: $400,000
Estimated Net Livable Sq Ft (per public record): 1,500
Estimated Construction Cost: $115,000
Anticipated Project Duration: 6 months

Acquisition Costs (attorney, recording, title exam, insurance): $8,750

Title Insurance: $833

Resale Costs $25,074 (I am a real estate agent so I will be selling the property at 4%, saving a significant amount here.)
Attorney Fees (P&S): $1,750
Broker Commission %: 5.00%
Broker Commission $: $20,000
Customary Gov't Recording Fees: $750
Additional Closing Fees: $750
Transfer Tax (based on ARV): $1,824

Financing Costs $8,001 (I will most likely be going hard money at 12%/3 points, which is based on previous use of this lender, so this cost will be higher.)
Borrowing Assumptions
Points: 0.50%
Interest: 6.25%
Max Total LTV per ARV or Appraisal: 85%
Max LTV of Purchase Price: 75%
% of Construction Budget Funded: 100%

Operating Costs (taxes, insurance, utilities): $3,300

If you have any questions, please do not hesitate to ask. I will answer all questions.