An experienced builder and new QS borrower purchased this two-family home in Somerville, MA for $1,115,000. He renovated the property and converted into two condominiums. They sold for a combined $1,390,000.
QS Private Lending provided $920,000 of financing: An $890,000 acquisition loan and a $30,000 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 158% return on his equity.