An experienced builder and repeat QS borrower purchased this four-family home in Somerville, MA for $1.15 million. He renovated the property and converted into four condominiums. They sold for a combined $2,745,000.
QS Private Lending provided $1.53 million of financing: An $860,000 acquisition loan and a $670,000 construction loan. The loan was for 12 months at 12% interest. It was secured by a first mortgage on the property.
The borrower made a 307% return on his investment.