A repeat QS borrower purchased this condo unit in Lowell, MA for $120,000. He renovated the property and sold it for $206,000.
QS Private Lending provided $155,000 of financing: A $95,000 acquisition loan and a $60,000 construction loan. The loan was for 12 months at 12% interest. It was secured by a first mortgage on the property.
The borrower made a 103% return on his investment.
Investment Summary
Project Cost:
Purchase Price$120,000
Renovations$60,000
Closing Costs$5,600
Total Cost$185,600
Financing:
Acquisition Loan$95,000
Construction Loan$60,000
Equity$30,600
Total Financing$185,600
Return on Investment:
Gross Selling Price$206,000
Closing Costs($8,680)
Interest Expense($10,850)
Loan Repayment($155,000)
Net Profit$31,470
Return on Equity103%
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