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Philadelphia, PA – Fix and Flips
Lima One financed two fix and flips on historic row homes in the heart of Philadelphia.
By the Numbers:
$769,500
Loan Amount
$465,000
Purchase Price
$370,000
Rehab Budget
92%
Loan-to-Cost Leverage
$1,150,000
After-Repair Value
67%
Loan-to-ARV Leverage
The Opportunity
A veteran flipper who had worked with Lima One on more than 20 loans uncovered the opportunity to purchase two row houses on the same block in Philadelphia. The row houses, built in 1925 and 1934, had original hardwood floors but needed kitchen and bathroom updates as well as improvements to curb appeal.
The investor came to Lima One for high-leverage fix and flip financing to purchase these properties and flip them.
The Solution
Lima One provided two fix and flip loans at 92% blended loan to cost leverage, giving the flipper full credit for his experience and success. This covered 100% of the rehab budget and offered 67% leverage against the after-repair value of the properties.
The 13-month interest-only loan lets the flipper execute his flipping strategy and maximize his profit on these classic Philadelphia properties.
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