Small 2nd mortgage needed in Washington DC Suburbs – White Plains MD Deal
We have an opportunity for a lender to make a 10% Flat return (Negotiable) on a $40k second loan for about 3 months on a Novation Flip deal, we are doing in White Plains MD. Solid deal.
We already started the renovation, we are out of pocket around $20k between labor and materials. The last items we need to take care of are the flooring, 2 bathrooms, kitchen and other minor details.
Here are the details of the deal:
This is a Novation Fix and Flip, there is a 1st loan for $340,000 (Approximately)
but we don't have to pay if off.
Talking to a Realtor he says we can probably sell if for $520,000
8134 Billingsley Road White Plains Maryland 20695
4 Bedrooms & 2.5 Bathrooms
2 car garage
In-ground swimming pool
Outdoor Tiki bar
Large yard (Front and back)
Large round driveway
Built in 1988
Total Sq Ft: 2,400
Lot Size: 1.01 acres
Rent Zestimate®: $2,708
Pictures: (These pictures were taken at the beginning of the rehab, but we have done
significant changes with $20k investment of our own)
Recent COMPS in the area.
4 bd 3 ba 2,124 sqft
3640 Foxhall Pl, White Plains, MD 20695
Sold: $495,000 Sold on 07/30/21 Zestimate®: $534,500
4 bd 4 ba 2,465 sqft
4562 Fortress Ct, White Plains, MD 20695
Sold: $525,000 Sold on 05/23/22 Zestimate®: $528,900
4 bd 3 ba 2,876 sqft
3920 Saxton Ct, White Plains, MD 20695
Sold: $515,000 Sold on 05/31/22 Zestimate®: $517,300
4 bd 4 ba 2,908 sqft
3885 Saxton Ct, White Plains, MD 20695
Sold: $526,000 Sold on 04/26/22 Zestimate®: $532,000
NOTE: Sorry still working on putting together a Perfect Loan Package but meanwhile we can get the conversation started if you are interested. There will be many, many deals to come. We have been doing RE deals since 2003. We just want to start making relationships in this platform.
If you are interested let's talk.
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