First Capital Trust Deeds secured this 75% purchase plus 100% rehab loan in Sacramento on this fixer upper in need of an extensive cosmetic update.
Some of these 1960’s ranch houses that we’ve financed over the years are out dated with original kitchens, bathrooms, linoleum flooring, and sometimes even the original appliances. This house fell into that category where it was time to bring everything up-to-date. And which for the end-user buyer, will be greatly appreciated since the house is in an established neighborhood with large lots and large, mature trees.
The purchase and rehab financing was pretty straight forward for the buyers with 75% of the purchase price. This was pretty close to 75% of as-is value of the property in the existing condition. Rehab costs were estimated at $48,000, which the lender financed 100% of the costs. This made it nice for the buyers, whose out-of-pocket budget was limited to just the down payment and closing costs.
75% Purchase + 100% Rehab Terms:
- $223,000 Total Loan Amount
- 9.50% Interest-Only
- $1,765/Month Payment
- 12-Month Terms
- No Prepayment Penalty