110 Balsam Rd, Jacksonville, NC 28546
- Purchase Price: $48K
- Repairs: $18K
- Conservative ARV: $110K
- PP + Repairs / ARV = 61%
YOJ Holdings has another solid opportunity to lend on a rehab project in Jacksonville, NC. For this house we will be lending to one of the principals involved on our first project in the area, an investment in which we were repaid in 84 days.
Further, we are limiting the loan-to-value at 56% of the appraised after-repair value of the home. An appraisal completed two weeks ago placed the after-repair value at $116,000.
This deal is already fully funded, and EAC is receiving a return of 3% per month on our investment. Our investors are receiving a 2% return on a total of $65,000 in gap purchase and construction funding, and the remaining 1% will go to EAC to cover management expenses. Total hold time for this property is proposed to be 4 months.
This new project is a 3 bedroom, 2 bathroom, 1,080sf home. We are contracting with an experienced professional that we have worked with on several other projects to manage the construction inspections and draws on this project. He is requiring all work be completed prior to releasing funds, so no pre-payment of construction labor, materials, or sub-contractors will be allowed.
Kevin Yoo, M.D. | President
EAC GP, Inc.
858-449-9847
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