A repeat QS borrower purchased this three-family home in Everett, MA for $490,000. He renovated the property and sold it for $735,000.
QS Private Lending provided $555,000 of financing: A $440,000 acquisition loan and a $115,000 construction loan. The loan was for 12 months at 14% interest. It was secured by a first mortgage on the property.
The borrower made a 122% return on his investment.
Investment Summary
Project Cost:
Purchase Price$490,000
Renovations$115,000
Closing Costs$13,600
Total Cost$618,600
Financing:
Acquisition Loan$440,000
Construction Loan$115,000
Equity$63,600
Total Financing$618,600
Return on Investment:
Gross Selling Price$735,000
Closing Costs($24,550)
Interest Expense($77,700)
Loan Repayment($555,000)
Net Profit$77,750
Return on Equity122%
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