Capitol Hill Fixer Loan
LOAN AMOUNT: $660,000
FINAL SALES VALUE: $1,150,000
LOAN START DATE: May 2013
LOCATION: Capitol Hill, Seattle, King County Washington
LOAN TYPE: Fix & Flip Loan, 7-Month Term
DETAILS: In May, we were pleased to lend on a grand vintage home in Capitol Hill boasting over 2900 square feet. This historic house sits on a corner lot with partial lake views and still carries periodic details intact. The borrower become aware of this opportunity through the Veristone Flip-Finder program and successfully purchased the property for $615,000. This loan has an $195,000 construction holdback attached, with these earmarked funds released in multiple draws upon completion of various remodel and construction milestones. This house will receive extensive exterior siding renovation work along with a new roof and soffitt reconstruction. The interior will receive the benefit of a new kitchen and refreshed bathrooms along with plumbing and electrical updates. We are excited to witness the final product from this grand makeover.
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Veristone does not finance owner-occupied properties.