An experienced builder and repeat QS borrower purchased this two-family home in Salem, MA for $560,000. He renovated the property and converted into two condominiums. They sold for a combined $944,900.
QS Private Lending provided $505,000 of financing: A $445,000 acquisition loan and a $60,000 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 285% return on his equity.