Listing photo15 Russell StPortland, Maine
Portland, ME 04102 · MLS 1683359
- 4 bd / 2 ba
- Bedrooms / baths
- 2,209 sq ft
- Living area
- 1910
- Year built
"The property requires extensive rehabilitation and is being sold strictly as-is, making it an ideal candidate for cash buyers or..."
15 Russell St is a 4-bedroom, 2-bath home in Portland, Maine listed at $350,000 with 2,209 square feet, built in 1910. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 10% down ($35,000), we fund the $242,990 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in Maine or our Maine hard money lending page.
From the listing. 2-unit duplex in Portland needing a complete top-to-bottom renovation. Requires extensive rehabilitation and sold strictly as-is, ideal for cash buyers or 203k/construction financing.
Hard money financing on 15 Russell St: what you qualify for.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
- 1. Your score740Qualifies
- 2. Your experience1 to 2 projects10% down at closing
- 3. Down payment10% down$35,000 at closing
- The cap of 92.5% of the total cost leaves $9,474 of the renovation for the buyer.
- With one to four completed projects in three years and a moderate (half to all of the price) renovation: up to 90% of the price at closing and up to 100% of the renovation.
- Ten or more completed flips (five in this state) with a 720 score reach 100% financing on this property.
- Add an after-repair value to confirm the total: the loan is also capped at 72.5% of it.
15 Russell St priced at the list price.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $35,000 (10%) | |
| Loan at closing | $315,000 | |
| Full renovation, rough estimate* | We fund $233,516 | |
| Total loan | $548,516 | |
| Rate, interest only | from 9.99% | |
| Points | 1.5 ($8,228) | |
| Appraisal | Required | |
| Estimated monthly interest | $4,566 at full draw | |
| Cash to close, rough estimate | $57,092 | |
Rough estimates at the list price of $350,000 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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