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Jan 6, 2016 10:22 EST

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

iCrowdNewswire - Jan 6, 2016

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
  • Renovation: $1,200,000
  • After-Rehab Value: $4,300,500

An independent third party appraisal, shows an After Repair Value (ARV) of $4,300,500 for 438 29th st. The ARV ratio is 65% 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 San Francisco is strong and demand outweighs supply.

Financial Overview
Investment Needed Minimum Investment Loan Duration APR
$1,890,000 $5,000 12 months 11%
Reference Figures
Appraised ARV 65% Loan to Combined Appraised ARV $4,300,500
Zillow As-Is Value 119% Loan to Zillow As-Is $1,581,899
Homesnap As-Is Value 124% Loan to Homesnap As-Is $1,520,500
Property Overview

438 29th St was built in 1900, located in the metropolitan neighborhood of San Francisco, California. The property has 6 rooms including 2 bedrooms and 1 bathrooms, with a gross living area of 975 sq. ft. on a 2,850 sq. ft. lot. The property will be increased to 3,474 sq. ft. after renovations. The property is in in the Noe Valley neighborhood, near pubic amenities and recreation.

Renovation

438 29th St

Property renovations are awaiting loan to start renovation and there is a complete gut rehab needed for the property. The following renovations are planned to be completed:

  • Refer to renovation budget

Borrower

The borrower has worked on over 100 properties in the past 5 years and is currently on track to renovate and sell 15 additional properties in the Bay Area . He brings over 20 years of land development, home building, and real estate sales experience to the partnership. He has held key Regional and Divisional President positions with major public and private homebuilders, including KB Home, Lennar, Richmond American Homes, and Warmington Residential. His leadership of these divisions led to the entitlement and development of over 8,300 residential lots in Northern and Southern California and the construction of over 6,000 homes.

 
        
 
 
Contact Information:

Patch of Land

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