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19 Harvest Lane in Greenville, SC
A repeat borrower used Lima One’s fix and flip loan to rake in massive profit on a luxury home.
By the Numbers:
$1.088M
Loan Amount
$1.45M
After-Repair Value
75%
Loan to Value Leverage
The Opportunity
An experienced flipper wanted to take a big swing by rehabbing a luxury home just minutes from downtown Greenville, SC. This 4,200-square foot home needed significant updates, requiring a rehab budget of nearly $400K in addition to the $850K purchase price. The investor came to Lima One to finance the deal because of previous successful experiences.
The Solution
Lima One provided a $1.088M loan at 87% blended loan to cost, including 100% of the rehab budget. Thanks to the borrowers’ experience, he did not pay interest on undrawn construction funds, reducing the overall cost of the loan. In a fast-appreciating market, the borrower eventually sold the property for over $2 million, well above the appraised ARV of $1.45M. The borrower continues to work with Lima One on additional flips to grow his profits.
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