LFB was approached by a client looking for acquisition and construction financing to reposition an existing single family home in Park City, UT. The project consisted of a 3,258 square foot home with 2-stories, 5 bedrooms and 4 bathrooms plus a 2-car garage. Our borrower stepped in to a project with approved plans and permits ready to be issued. With some renovations already completed, the remaining work to be done was primarily cosmetic and offered a quick turn to get back to market to capture the increasingly hot single family home demand.
The purchase price was $1,600,000, with a $250,000 construction budget for remodeling. The anticipated exit value upon completion is estimated at $2,795,000.
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