We’re proud to support borrowers who take on the challenge of revitalizing neighborhoods.
In our series, “Developing Stories,” read about some of these borrowers and their experiences.
In the October 2023 enewsletter, we highlighted developers Ashley and Greg. Lots has been going on since then, so we thought we’d do an update. Let’s look at their timeline.
2017 — Ashley and Greg were able to buy Ashley’s grandmother’s beloved home. This was their entry into real estate. Renovating proved a valuable learning lesson, and the house, now a rental, remains in their portfolio.
2019 — Finding a workable next project was challenging. The market was competitive and they kept getting outbid on viable projects. At an auction, they finally found a project located in the Park Heights neighborhood. Enter Pete Pecoraro from Spring Garden Lending, who financed the acquisitions and renovation. Ashley and Greg are renting this single-family home.
2023 — Ashley and Greg flipped a single-family home in the Forest Park neighborhood that they had renovated with financing from Spring Garden Lending.
Images: Ashley and Greg’s Park Heights property financed by Spring Garden Lending.
2023 — Back to Park Heights where they renovated a single-family home. Here again Spring Garden Lending financed the deal. The house was just rented!
2024 — Another Park Heights project due for a total rehab into a three bedroom house. Ashley and Greg closed on their Spring Garden Lending loan in late November and are ready to start framing. Over the next nine months, they plan to renovate and then resell the house.
With all this work, Ashley and Greg still have full-time jobvs outside of real estate investing. Both agree, “We’ve been lucky in this tricky market. It can be a struggle to find deals where the numbers work, but we are vigilant, we study the market, and we are determined to be informed business people. Spring Garden Lending and Pete have played a huge role in our success. Pete gives great, constructive advice. That and the company’s good rates along with fast service makes us a winning team.”
When asked what’s next, “We have approached Pete for financing a rehab job on a house in the Parkwood neighborhood. Always have to keep one step ahead of the game!
