Atlanta Luxury Property Rehab – Tranche I
This is a prefunded residential – purchase and rehab opportunity for a Single Family Residential property in Georgia. The subject property address is 3206 Arden Rd, Atlanta, Georgia.
The developer is requesting a loan of $2,610,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $2,300,000 in December of 2015. There is moderate renovation needed for the underlying property, totaling $750,000. The borrower will receive 6 draw(s) totaling $2,610,000 over the course of the loan. The initial draw in the amount of $1,860,000 occurs at closing. The second draw of $150,000 will be disbursed after 1/5 of the work is completed. The third draw of $150,000 will be disbursed after 2/5 of the work is completed. The fourth draw of $150,000 will be disbursed after 3/5 of the work is completed. The fifth draw of $150,000 will be disbursed after 4/5 of the work is completed. The sixth draw of $150,000 will be disbursed after the work is completed. $81,563 (approx. 3 months) in interest reserve will be held by Patch of Land. The borrower plans to sell the property.
3206 Arden Rd
- Purchase Price: $2,300,000
- Renovation Budget: $750,000
- After-Rehab Value: $6,500,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $6,500,000 for 3206 Arden Rd. The ARV ratio is 40% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Atlanta is stable and supply outweighs demand.
3206 Arden Rd was built in 1940, located in the suburban neighborhood of Atlanta, Georgia. The property has 8 bedrooms and 6 bathrooms, with a gross living area of 19,060 sq. ft. on a 52,272 sq. ft. lot. The property will remain 19,060 sq. ft. after renovations.
3206 Arden Rd
Property renovations are awaiting loan to start renovation and there is moderate renovation needed for the property. The following renovations are planned to be completed:
- Refinish for a more modern and high end design
- Exterior and Interior Paint
- Update front facade
- Reconvert garage
- Install Pool
- New Flooring
- Remodel Kitchen
- Remodel Bathrooms
- New Trim