Listing photoElgin, TX 78621 · MLS 9438659
"Brick home that just needs some TLC in the form of interior paint, new flooring, etc."
610 Mogonye LN Lane is a 2-bedroom, 1-bath home in Elgin, Texas listed at $229,000 with 1,306 square feet, built in 1974. 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 ($22,900), we fund the $58,770 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 Texas or our Texas hard money lending page.
From the listing. Want a fixer upper that is located in a great neighborhood with mature trees and easy access to downtown Elgin and Hwy 290? Then this is the home that you have been waiting for. Brick home that just needs some TLC in the form of interior paint, new flooring, etc. There is a screened porch on the back and a storage shed. Huge trees in the back and front yard. Great first time or retirement home for a great price.
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 | $22,900 (10%) | |
| Loan at closing | $206,100 | |
| Cosmetic renovation, rough estimate* | We fund $58,770 | |
| Total loan | $264,870 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($3,973) | |
| Appraisal | Required | |
| Estimated monthly interest | $2,152 at full draw | |
| Cash to close, rough estimate | $31,263 | |
Rough estimates at the list price of $229,000 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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