An experienced contractor and repeat QS borrower purchased this two-family home in Somerville, MA for $700,000. He renovated and expanded the apartments, converted them into condominiums and sold them for a combined $2.1 million.
QS Private Lending provided $1,005,000 of financing: A $630,000 acquisition loan and a $375,000 construction loan. The loan was for 12 months at 14% interest. It was secured by a first mortgage on the property.
The borrower made an 873% return on his investment.
Closing Costs $22,600
Return on Investment:
Gross Selling Price$2,100,000
Loan Repayment ($1,005,000)
Return on Equity873%
Have you identified a property that you would like to acquire? Get pre-approved today, and make a more competitive offer!