Listing photoWoonsocket, RI 02895 · MLS 73589658
"Cash, Hard Money or FHA Rehab Loan."
1888 Mendon Rd is a 8-bedroom, 3.5-bath home in Woonsocket, Rhode Island listed at $450,000 with 3,000 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 ($45,000), we fund the $135,000 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 Rhode Island or our Rhode Island hard money lending page.
From the listing. Great investment or flip opportunity. 2 buildings on 1.29 acres of land. 1 single-family & 2 family with expansion of an additional property or just an ADU in a great lot in a family neighborhood. It's definitely a rehab project (it's why it's priced as such). Zoned R2. Cash, Hard Money or FHA Rehab Loan.
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.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $45,000 (10%) | |
| Loan at closing | $405,000 | |
| Cosmetic renovation, rough estimate* | We fund $135,000 | |
| Total loan | $540,000 | |
| Rate, interest only | from 9.99% | |
| Points | 1.5 ($8,100) | |
| Appraisal | Required | |
| Estimated monthly interest | $4,496 at full draw | |
| Cash to close, rough estimate | $57,490 | |
Rough estimates at the list price of $450,000 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 $45 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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Cash or hard money only"This home is not financeable; cash offers only will be entertained."
Cash or hard money only"Cash offers only as this property will not qualify for conventional loans."
Hard money welcome"Cash or hard money preferred."
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