$1,179,500 Fix & Flip — SFR + ADU in University Place, WA
12-Mo Bridge — Acquisition + Construction
Deal terms
Property type
SFR + ADU
Location
University Place, WA
Loan type
Fix & Flip
Program
12-Mo Bridge — Acquisition + Construction
Leverage
~85% LTC
Rate
N/A
Deal value
$1,179,500
How we structured it
A $1,179,500 bridge on a University Place value-add: a main-residence renovation on one lot and a garage-to-ADU conversion on the adjoining lot, just west of Tacoma. Sized to roughly 85% of total cost, acquisition plus a $475,000 renovation budget, against a $1.9M after-repair value.
Two structures on two lots is where a lot of desks get stuck, because the appraisal has to follow two scopes at once. We split the budget by lot, $185,000 for the main residence and $290,000 for the ADU, backed it with architect and civil letters, and the revised appraisal cleared the file to close. Renovation funds release against inspected progress on each lot. Figures reflect this transaction; every deal varies.
