Phenix City, AL

The Opportunity

A veteran flipper in the Columbus, Georgia, MSA found an ideal property just across the border in Phenix City, Alabama. The home needed mostly cosmetic updates and offered the potential for quick profit.

But the flipper had been largely on the sidelines in recent years due to health issues and needed a lender who understood his years of experience as well as the profit opportunity in a small Alabama city. The good news? The flipper had a longstanding relationship with his loan officer at Lima One.

The Solution

Lima One’s loan officer had stayed in regular contact with the flipper, ensuring that the flipper knew we were ready when he was ready for his next deal. So it was only natural for the flipper to return to Lima One for fix and flip financing on this opportunity.

Lima One valued the flipper’s experience. This allowed Lima One to offer 85% blended loan to cost, including 100% of the rehab budget, and 70% leverage on the appraised after-repair value. Lima One also provided in-house construction draws and servicing that made the process of the flip easy.

The flipper benefited from Lima One’s ability to finance properties at lower dollar amounts as well as the national lending footprint available on both sides of the Georgia-Alabama border. Most of all, the flipper benefited from a strong relationship with a loan officer dedicated to their success over the long haul. The result is a successful flip delivered with solution-oriented financing.