An experienced builder and new QS borrower purchased this two-family home in Somerville, MA for $775,000.
He renovated the property and converted into two condominiums. They sold for a combined $1,439,900.
QS Private Lending provided $790,000 of financing: A $620,000 acquisition loan and a $170,000 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 299% return on his investment.
Return on Investment:
Gross Selling Price$1,439,900
Return on Equity299%
Have you identified a property that you would like to acquire? Contact us today, and make a more competitive offer!