Fix and Flip – Las Vegas, NV

The Opportunity

A veteran Las Vegas Flipper used his network of contacts to identify a home for sale for $400,000. The property fit squarely into his typical box for flips that could be completed quickly. As is typical in Las Vegas, the 1980s home had good bones and a desirable layout but needed cosmetic updates to maximize its value.

The flipper had a strong relationship with Lima One and asked his rep for a high-leverage loan that minimized cash needed to close and optimized underwriting speed.

The Solution

Lima One provided a $440,000 loan that covered 100% of the $80,000 rehab budget while financing 90% of the purchase cost. This allowed the flipper to purchase the property while bringing just $46,000 cash to closing and closing fast, in about seven days.

The flipper used his proven processes and team to complete the flip and list the property quickly and sold it just 91 days after closing for $611,000, which was $8,000 above the appraised after-repair value established when purchasing the property. The flipper claimed over $100,000 in profit on the deal, which was one of 50 flips he successfully completed with Lima One financing during this 12-month period.