FIX AND FLIP LOAN
Gurnee, Illinois
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The Numbers Behind the Flip*
Project Duration
February 2024 - July 2024
Loan Amount
$238,000
Purchase Price
$260,000
Construction Budget
$30,000
Client Contribution
$52,000
Total Project Cost
$290,000
ARV
$345,000
Resale Price
$380,000
*At the time of initial funding
Barnett REI Finance provided a $238,000 renovation loan to support the acquisition and improvement of a single-family investment property in Gurnee, Illinois. The borrower purchased the property for $260,000 and completed approximately $30,000 in renovations to enhance the home's appeal and market value. After closing in February 2024, the borrower successfully executed the renovation plan and sold the property in July 2024 for $380,000. The strong resale outcome highlights the borrower's ability to identify an undervalued opportunity, execute a targeted renovation plan, and capitalize on market demand within a short investment timeline.
Profitability & Lessons Learned
Inside the Deal
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697 Fair Links Way