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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
This transaction was for the acquisition and rehab of a property located in Riverside County. The property was in need of a lot of cleanup and cosmetic repairs and our clients got a great deal on it. The pool in the back was empty, but our clients had it tested and found all the equpiment to be in working order – the former owner had simply drained it due to operating costs. The rehab consisted of new stucco, windows, doors, appliances, new paint and the addition of granite counters in the kitchen.
The estimated after repair value on this property is $290,000, making for a nice spread for our client. With transactions like this where there is a nice profit potential we have some very aggressive programs to help real estate investors leverage their existing capital. Our hard money rehab loans are not credit driven, although we do require a credit report in the file. In addition, our rehab loans are not capped based on a percentage of the actual purchase price. Rather they are structured to use the after repair value, or ARV, of a property. Visit our main rehab lending page for more information on Riverside hard money rehab loans.