11 STOOPVILLE RD, NEWTOWN, PA
Updated Progress
05/07/25
The borrower experienced some unforeseen challenges that caused delays in the rehab timeline. Completion of a well and septic inspection was required before the first draw could be released, which postponed the disbursement of rehab funds. Additionally, there was a delay in obtaining the HVAC permit, as the inspector required architectural drawings before granting approval. Despite these setbacks, all inspections have now passed, and the property is expected to be market-ready within the next 4–5 weeks. The borrower has been reminded that the loan term ends on May 16th, with a $100 per day penalty for any days beyond that date. He fully understands the terms and is committed to listing and selling the property as quickly as possible.
04/21/25
Significant progress has been made since the last update, with all plumbing and HVAC permits secured and inspections scheduled for this Friday. Contractors have remained generally consistent, though a few team members have had difficulty maintaining a steady presence, largely due to the detailed documentation required for the project. Despite this, tasks are moving forward smoothly and on time. The project remains within budget, with 70% of the draw funds still available and a request for the remaining budget planned by the end of the week. No additional funding is expected to be needed for completion. Several inspections have already been successfully completed, with plumbing and framing inspections set for Friday. Overall, the project is progressing well, maintaining a positive outlook as key milestones continue to be reached.
03/26/25
Exciting progress is being made, and updates will continue as the project moves forward. With inspections set to wrap up by the end of the week, everything is lining up smoothly for the finish line.
03/21/25
Progress is moving forward with the HVAC installation currently underway. Completion is just around the corner, with an inspection scheduled once the work wraps up. Meanwhile, efforts are underway to secure the next lender draw to keep everything on track. Looking ahead, the plan is to sell, though refinancing remains an option. Fresh photos capturing the latest updates will be shared tomorrow morning.
02/26/25
The rehab is moving along smoothly with significant progress achieved. Exterior windows and doors are nearly complete, the steel beam is in place, and electrical work, including wiring, has been finalized. Plumbing is approximately 80% done, and the team is awaiting the HVAC inspection before proceeding with closing the walls. No issues or delays have been encountered. The next major steps include HVAC inspection, final installations, and continued site cleanup, which has already involved clearing the backyard of trees, grass, and debris. Everything is on track financially, staying within budget. Photos of the property will be available on or before Friday for further updates.
1st Month
2nd Month
4th Month
SUPPORTING DOCUMENTS
SIGNED JV, OA, PG
SIGNED APPROVED LOAN DETAILS
PRELIM TERM SHEET
OA
JV and HHA
WIRE INSTRUCTIONS
SIGNED JV and OA
WIRING INSTRUCTIONS
DEAL ANALYSIS CALCULATOR
RENOVATION ARV
APPROVED LOAN DETAILS
SCOPE OF WORK
PROJECT COMPLETED DATES
Updated Progress
02/10/25
The permit was successfully obtained last week after a three-month process, marking a key milestone in the property’s rehabilitation. With the permit secured, the next steps include painting, landscaping, framing, window installation, and completing the electrical work. Progress remains on track, and the project continues to stay within budget.
01/06/25
The property rehab progress has been carefully initiated with $20,000 personally funded for the initial phases. Progress continues steadily, with each step being closely monitored to maintain alignment with the project’s timeline and goals. Though still in the early stages, the improvements are expected to align seamlessly with broader objectives, contributing positively to the overall portfolio. Appreciation is extended for the continued trust and support that make these endeavors possible.
01/02/25
Significant progress has been made in the property rehabilitation. The initial draw of $21,000 has been submitted, with key milestones such as completing the demolition, installing a new furnace, and replacing several windows already achieved. Although there have been delays due to pending permits, plans are in place to accelerate the timeline once the permits are secured. Upcoming efforts include refining the interior layout to accommodate a new floor plan, designing a modern kitchen, and converting and finalizing the garage. Exterior repainting is set to commence promptly, followed by interior work. The project remains on budget, and photos of the property are available to share with the PML for an update on progress.
12/03/24
The rehab progress is moving as anticipated, despite initial delays with plan approvals. While no key milestones have been completed yet, they are poised to make significant progress with the demo starting this week and the exterior work to follow. There are no issues or delays, as both the Project Manager and Contractor have expressed no concerns. They are on track with the budget and have scheduled material purchases for this week. Photos documenting the progress will be shared soon, as they are still in the early stages of the rehab. Regarding the property’s future, the plan is to list it on the market once complete.
11/01/24
Willis Mill we have been on hold with the architect but that will be kicked off Nov. 19th. The crew will be working expeditiously and we will make up for some of the time loss.
Jennifer’s architect ran into a slight hiccup with permitting, but the good news is they’ve been given the green light to start on the 19th. In the meantime, her crew has been busy getting a head start by demoing the property. She mentioned they’re working hard to make up for any lost time, which is great to hear. While Jennifer didn’t snap any photos during her last visit, she assured me she’ll grab some on her next trip and send them over.