4605 W MEDFORD AVE

Updated Progress

05/05/25

The rehab progress update is that the entire house has been fully painted, marking a significant milestone in the renovation. A draw request was submitted last week; however, challenges have arisen with the funding process. The team managing the funds is closely scrutinizing the disbursement and has stated that the project is not yet complete, despite all planned work being finalized. Efforts are currently underway to clarify the situation and resolve the discrepancy. Further updates will be shared as more information becomes available.

04/15/25

A quick check-in on 4605 W. Medford Ave reveals some interesting updates and a solid sense of forward momentum. The borrower shared a couple of challenges recently, but there’s a clear path ahead.

First up — an unexpected situation with the property inspector. Turns out, the inspector for that area was recently disciplined for an unrelated issue at a different site. That’s temporarily held up the final approval to close up the property. Good news though — a new inspector is scheduled for a site visit on Monday, and approval to move forward is expected right after.

On the financial side, delays in the draw process have slowed payments to a few contractors. Understandably, a couple of those teams picked up other projects in the meantime. No worries — they’re expected to circle back once their current jobs wrap up.

Even with these bumps in the road, confidence remains high. The borrower is aiming to have this property on the market before the end of the term. While the full exit could stretch a few extra weeks beyond that, homes in this area have been moving fast once listed. Updated photos are now uploaded on Portal for review.

03/18/25

The rehab is progressing well, with window installation currently underway. A draw is scheduled for this week, and everything remains on track, ensuring steady progress toward completion.

02/17/25

The property rehab is progressing well, with the HVAC installation successfully completed and electrical work nearing completion within the next two weeks. Windows have been ordered and are awaiting installation. No issues or delays have affected the timeline, keeping everything on track. The project remains within budget, ensuring efficient resource management. Photos will be available in approximately two weeks once the windows and other key updates are completed.

01/22/25

The property rehab is progressing well, with framing now completed and awaiting the building inspector’s approval. Once approved, the next steps involve scheduling the plumber and electrician to begin their work. The project experienced a slight delay of a few weeks due to the draw process but remains on budget. Photos of the property will be shared later, as only videos are currently available. Upon completion, the property will be listed for sale.

01/02/25

The rehabilitation project is progressing smoothly with no reported issues. A significant milestone has been achieved with the entire property cleaned out and demolition completed during the winter break. Currently, there has been some difficulty securing a draw for tasks not requiring permits, largely due to holiday scheduling challenges. Plumbing and electrical work are slated to begin as the next major steps in the process. The project remains on track financially, staying within the established budget. Videos of the property have been provided to document progress and can be shared with the PML as needed.