Listing photoWorcester, MA 01604 · MLS 73597425
"This building is best suited for a cash buyer, or a rehab loan, private lender, etc."
256 Belmont St is a 6-bedroom, 3-bath home in Worcester, Massachusetts listed at $640,000 with 2,854 square feet, built in 1923. 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 ($64,000), we fund the $139,050 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 Massachusetts or our Massachusetts hard money lending page.
From the listing. Fully occupied 3-family generating $61,200 annual gross rent. 7 bedrooms, 3 baths.
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 | $64,000 (10%) | |
| Loan at closing | $576,000 | |
| Cosmetic renovation, rough estimate* | We fund $139,050 | |
| Total loan | $715,050 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($10,726) | |
| Appraisal | Required | |
| Estimated monthly interest | $5,810 at full draw | |
| Cash to close, rough estimate | $79,116 | |
Rough estimates at the list price of $640,000 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 takes a 740 score or a deeper track record; a first flip under 720 puts 25% 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 house will not qualify for conventional financing."
Cash or hard money only"Being sold AS-IS and in need of a full, gut renovation."
Cash or hard money only"Serious cash buyers only."
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