You know you are old when you make a fix & flip loan on a house you financed when it was built.
Around 1972 I was financing a builder named PK Gentry. Mr. Gentry told me one day that he had signed a contract to buy ten developed lots in the Sherrydale subdivision and asked me to finance them, which we did by having him start two specs and his brother Jim start a spec and have the seller carry the note for a short period while built their way through all ten, which they did.
The total purchase price for all ten developed lots was $50,000.00… I made Jim Gentry a construction loan for 8828 N Grand, which he sold to Steve and Debbie Garrett (2 young school teachers), whom I also financed when the house was completed. I don’t remember what the Garretts paid, but it was probably just under $30,000.00.
Then in late 2021, we made a rehab loan to our repeat client Shawn Moore, owner of Many Moore Properties, who did a nice job rehabbing the house, which sold in 2022, 50 years after its first sale. This house was featured on the House Hunters program on HGTV.
Click this link to read the article by Shawn Moore describing the House Hunters segment
on HGTV.
