An experienced builder and repeat QS borrower purchased this two-family home in Somerville, MA for $995,000.
He renovated the property and converted into two condominiums. They sold for a combined $1,334,000.
QS Private Lending provided $1,095,000 of financing: An $895,000 acquisition loan and a $200,000 construction loan. The loan was for 12 months at 14% interest. It was secured by a first mortgage on the property.
The borrower made a 24% return on his investment.