Tacoma Fix & Flip Loan
LOAN AMOUNT: $122,000
FINAL SALES PRICE: $229,000
LOAN DATE: July 2012 to February 2013
LOCATION: Tacoma, Pierce County
TYPE: Fix & Flip Loan
DETAILS: Liberty Capital successfully funded 147 residential bridge loans in 2012. Most of these loans had a remodel element to the deal, situations where the borrower improves the property and creates additional value. The borrower on this particular property in Tacoma is an experienced real estate investor and real estate broker. She purchased the property for $117,000 and improved it using the Liberty Capital Fix & Flip Loan product. Originally, the house was 952 square feet, and she doubled the square footage by finishing out the basement and cosmetically remodeling the house with a $25,000 budget. She listed the property in December of 2012 and the property went under contract in January 2013 at the full list price of $229,000. The property successfully closed in February of 2013.
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Veristone does not finance owner-occupied properties.