Fix and Flip Loan – Winchester, VA
This West Virginia-based investor came to Lima One in 2018 with a couple of flips under his belt. He funded his first two flips with private cash as he was getting started but wanted to find a better way to maximize his profits with secure funding.
Real estate investing and flipping houses started as a side hustle for this investor, but over the past three years, Lima One has helped him turn a side hustle into a successful business. In three years’ time, this investor has added more than 60 units to his portfolio and that number is continuing to climb.
“With my two previous flips, I was just looking for a better way, and that’s when I ran into Lima One. The low money down, the ease of the application, figuring out the budgeting system, it’s just easy. Lima One is just hard to beat.”
Fix and Flip Loan By the Numbers
- Loan Purpose: Purchase and Rehab
- Loan Amount: $192,400
- Appraised Value: $258,000
- Loan-to-Value Leverage: 75%
- Loan Term: 13 months
- Purchase Price: $178,000
- Rehab Budget: $32,200
- Sale Price: $310,000
Building Relationships Led to Success
For his first deal with Lima One, this investor was paired with a newly hired inside sales consultant who was able to secure funding and close the deal. He and the sales consultant worked together on numerous deals and built a rapport. Since his first deal, the investor has closed nearly two dozen deals with Lima One – largely because of the relationship he developed with our sales consultant.