Noe Valley Fix and Flip – Phase I: 438 29th St, San Francisco, California

The borrower purchased the property on August 21st, 2015 for $1,929,000 and contributed a downpayment of $408,675. The plans are currently in the final stage of approval. The borrower is requesting a loan of $2,790,000 in order to purchase, renovate, and contribute to closing costs. There is a complete gut rehab needed, totaling $1,200,000. The borrower will receive 6 disbursements totaling $2,420,325. The initial draw in the amount of $1,520,325 will occur when the loan closes. The remaining $900,000 will be disbursed in 5 equal draws of $180,000 each as the property is completed. $230,175 (approx. 9 months) of interest reserves will be held by Patch of Land. The borrower plans to sell in one year or under. The initial investment needed for this property is in the amount of $1,890,000 for the first disbursement and the interest reserves. The combined renovation draws for this project will be raised at a later time as they are requested. 438 29th St Purchase Price: $1,929,000 Renovati
http://icrowdnewswire.com/2016/01/06/noe-valley-fix-and-flip-phase-i-438-29th-st-san-francisco-california-2/