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FixNFlip

Newport Beach, CA – Fix and Flip

An investor used Lima One financing to successfully flip a home in the Corona Del Mar community of Newport Beach, CA.

By the Numbers:

$1,950,000

Loan Amount

$100,000

Rehab Budget

62%

Loan-to-Cost Leverage

$3,700,000

Appraised After-Repair Value

53%

Loan-to-ARV Leverage

$3,790,000

Sale Price

The Opportunity

An experienced Southern California flipper had the opportunity to purchase a beautiful home in the Corona Del Mar area of Newport Beach, California. The single-family home, built in 1977, had good bones but needed cosmetic updates to achieve maximum market value.

The flipper approached Lima One to finance the in-process flip, which had an as-is value of $3.025 million because of the desirable location and work already complete.

The Solution

Lima One provided a $1.95 million fix and flip loan. This 13-month interest-only loan allowed the investor to successfully complete the flip and market the property.

The deal was a home run, with the flipper selling the property for $3.79 million at the completion of rehab. Lima One’s financing empowered the flipper to use his expertise to achieve a healthy profit on this Southern California deal.