Chevy Chase, MD – Fix and Flip

The Opportunity

A veteran flipper who had worked with Lima One before found a major opportunity in Chevy Chase, Maryland, just outside of Washington, D.C. The 1,800-square-foot home on a wooded street inside the Beltway offered tremendous potential with the right purchase price and rehab plan.

The flipper wanted to purchase the property for $1.2 million and then add a second story to it to maximize value. But he needed to move fast to close the property and capitalize on the opportunity.

The Solution

Lima One closed the heavy-rehab fix and flip loan in just 14 days, allowing the investor to seize the opportunity for a big profit. The $400,000 rehab budget includes the addition of a second floor, which will allow the investor to maximize the after-repair value of the property at $2.875 million.

Lima One offered 89% loan-to-cost on the fix and flip loan, including 100% coverage of the rehab budget. The interest-only 13-month loan lowers the cost of funds to help the flipper profit on this well-designed flip. 

A key that unlocked the deal was one rep’s strong track record with the project’s general contractor. Lima One’s commitment to partnering with investors to understand their experience fully made the difference in bringing this flip to life.