Contemporary Venice, CA, fix-and-flip yields greater return than expected.
This contemporary home, built by ARI Design Group, is an architectural masterpiece. It features two swimming pools, more than 2,000 square feet of outdoor space, complete smart home functionality, a rooftop deck, a fireplace, fire pits and custom designer finishes.
Energy-efficient with “smart” features throughout, the home is within walking distance to local trendy shops on Lincoln and Abbott Kinney.
It was listed for sale during the final stages of construction. The borrower contacted Sunset Equity for a purchase loan that included rehab to complete the project.
|Lender // Sunset Equity||LTV // 75%|
|Client/Borrower // ETSD Venture Capital||LTC // 60%|
|Location // Venice, California||Credit Score // Repeat borrower with high credit score|
|Architecture Style // Contemporary||Client/Borrower Experience // Experienced, repeat borrower|
|Originally Built // 1927||Interest Rate // 7.99%|
|Square Feed // 3,150||Length of Loan // 12 months, with two 6-month extensions|
|Loan Amount // $2.025 million||Rehab Costs // $750,000|
Summary of Opportunity
Sunset Equity funded a purchase with rehab for an unfinished development. The fix-and-flip sold for $3,456,000, higher than the anticipated After Repair Value (ARV) amount and 59.2 percent higher than the original purchase amount. ∞