Luxury French Country Home Renovation in Miracle Mile
$1,827,000 Loan | Fix & Flip | 85% LTV
It All Started with a Vision
Our borrower wanted to take a distressed property on the Miracle Mile and renovate it into a French country-style luxury home in line with other properties in the area.
The Property Before:
About the Loan
In November 2022, the property was purchased for $1,799,000.
The total loan amount was $1,827,000, with $1,530,000 covering 85% of the purchase price.
The remaining $297,000 was utilized as a construction holdback, accounting for 85% of the total construction budget.
A Successful Build with an Exceptional Exit
The renovation was a complete success, and the property sold for $2,940,000 in July of 2023. This total represented a final ARV of 62%, which exceeded the original $2.8MM appraised value.
The Property After:
