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FixNFlip Loan – Pembroke Pines, FL

A Florida flipper who had closed two previous loans with Lima One Capital found a townhome for sale in Pembroke Pines, Florida. The townhome needed cosmetic updates but offered the possibility for significant profit, according to the borrower’s deal analysis.

By the Numbers:

$278K

Loan Amount

$295K

Property Cost

$14K

Rehab Budget

90%

Loan to Cost Leverage

$400K

Appraised After-Repair Value

69.5%

Loan to After-Repair Value Leverage

The Opportunity

To take advantage of this opportunity, the borrower needed to move fast. She called Lima One and asked for a quick close.

The Solution

Lima One understood the urgency of the opportunity and met the challenge on this light-rehab flip. A three-day turn time on the appraisal set the stage for a nine-business day close from the loan submission. This close, two weeks early, let the borrower start on rehab, which she expected to complete in about 60 days. Plus, the appraisal came in above the flipper’s expectations, making the project even more promising.

By moving fast and finding a lender in Lima One Capital that was willing to meet her level of urgency, the flipper sprinted down the path to potential $85,000 profit.