In the midst of doing 3 renovation loans this month I am reminded of this post from a year ago. Interesting enough I am dealing with 3 purchase 203K renovation loans. The 1st has a sales price of 74K with 25K in repairs that was just appraised out for $126,000 an amazing 26% of walk in equity. Project #2 was bought for 176K. They are doing 32K in renovations, new value on this project when done, $235,000. The 3rd project has humble beginnings, but is rewarded with rich equity in the end. 85K purchase, 7K in renovations, final value $129,000!
