Auction Purchase Fix and Flip

A first project with a new borrower, introduced by one of our repeat borrowers.

Every good project starts with seeing potential where others see problems. This property was picked up at auction for $40,000 and paired with an $80,000 renovation budget against an estimated $180,000 after-repair value.

This was our first project with the borrower, who was introduced to us by one of our repeat borrowers. We evaluate the opportunity, the borrower, and the plan, not just the property's current condition, so a new relationship and an auction buy were not obstacles, they were simply the starting point.

Fund the right plan and back the right operator, and a distressed property purchase at auction becomes a real opportunity. That is the kind of deal we are built to move on.