Dana Point flip - almost finished!
An investor colleague of mine, Brian Wellman, purchased this property to flip. The purchase was financed with a mortgage of $2,752,000, covering the purchase price of $2,152,720, as well as rehab.
The rehab has gotten behind schedule, but is almost finished. Brian is in need of $95,000 in capital to complete the project. Once these funds are received, the project can be completed in 10 days. A recent BPO showed a value of $4,200,000, which is 75% LTV. Recent pictures are available upon request.
Brian is open to all suggestions as to how to successfully get through this project, including loaning him the $95k or purchasing the property outright from him and completing the flip. (Purchase price above is only placed here because this post requires that a dollar amount be placed - confirm price with Brian.)
Brian can be reached at [email protected]. Please do not contact the poster.
@Andrew Fielder
Most Popular Reply
Hmm, why not put it on the market right now and spin it as "the buyer can choose the remaining selections like carpet, paint, etc"? Especially if it's this close to completion.
The buyer could close and pay the remaining sub-contractors at the closing. Most subs will wait 60 to 90 days, that's normal.
Your colleague could just use digital graphics of the finished project to show potential buyers. As a buyer, if I were spending $4.2 million I'd like to pick a few things out before it's done. Just some food for thought...could be a work around.