$972,800 Purchase; $470,000 Rehab. Only $39,000 Cash To Close!

[Kerry Boyle]

Borrowing entity had 10+ flips in past 3 years, applicant had 680+ credit. We funded 90% of purchase and fronted $92,300 from their $470,250 rehab budget at close. When they complete the first $92,300 of work, they get draw #2 paid directly to them for $79,000. Complete draw 2, get draw 3 for 147k. Complete draw 3 get draw 4 for 112k. Complete project, get remaining balance of about 40k (appliances and landscaping).

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