INV Ref – PRX3849 – Suncrest Capital Group

4816 SMITHWOOD RD

Updated Progress

04/30/25

The project remains active, though some recent inspection-related setbacks have caused delays. A new inspector flagged additional items—many of which had previously been addressed—resulting in a failed inspection earlier this week. A reinspection is scheduled for Monday, with HVAC work rescheduled for Thursday. The contractor will be on-site to ensure a smoother process moving forward. Updated progress photos are expected tomorrow, although visual changes have been minimal due to permit-related delays. The projected completion timeline has been adjusted to the end of May. Despite the challenges, the borrower remains committed to executing a timely flip as the exit strategy, supported by ongoing market strength in the area. Open communication will continue, with more frequent updates provided as the project progresses.

04/24/25

The project is finally back on track after facing some early challenges with budgeting and permit approvals. Positive news from the inspector indicates that clearance for drywall is expected by the end of the week. Once approved, the remaining work should take approximately 4 to 6 weeks to complete, with a targeted finish date around the end of May. Momentum is building, and progress is moving in the right direction.

04/15/25

The project is currently awaiting HVAC permit approval, with a re-inspection scheduled for today. Progress has been delayed due to ongoing challenges with the city’s permitting process, which has been in motion since December. Once the HVAC passes, the remaining work is expected to be completed within approximately four weeks. Significant personal funds have been invested to meet city-requested changes, and adjustments to the scope of work have been made independently due to limitations in available support. Steady efforts continue daily to move the project forward and reach completion as soon as possible. Updated photos are uploaded on Portal for your review.

03/28/25

The rehab is moving forward with a strong push to wrap up by the end of April. The borrower said that the investors should be on track to receive payouts around the same time with proceeds from another flip (whichever comes first). While permit delays and the draws have been slow to arrive, caused some setbacks, steady progress continues. The next major step is getting the property listed on the market, positioning it for a successful sale. Photos will be provided soon to highlight the latest updates!

3/12/25

The rehab is progressing nicely, with the exterior fully completed and just the interior drywall, paint, and finishing touches remaining after the mechanical inspection is passed. Everything is on track to be wrapped up in about 4 weeks. While the permit process took a little longer than expected, with building permits taking 2-3 months, the HVAC contractor issue has now been resolved, and progress is moving smoothly. There were a few unexpected framing issues that led to adjustments in the budget, but everything is back on track after making the necessary changes. The rehab is set to be completed by April 8th, with closing expected between May 15th and June 1st. Although there were a few hurdles with Ground floor regarding SOW revisions, the project continues to move forward with positive momentum. The next step is completing final inspections and focusing on those finishing touches to make this property shine!

03/04/25

The project is progressing well, despite some minor permit delays. The electrical, plumbing, and HVAC work is all wrapped up—big milestones achieved! With that behind, the finish line is in sight. The goal is to have everything completed by the end of March, just in time to sell the house. Exciting stuff ahead! Photos will be sent soon to keep everything in the loop and show how things are shaping up.

02/06/25

The property is currently awaiting inspection, which is expected to take a month. Once the inspection is cleared, it will be listed on the market. Permit delays have caused some setbacks, but progress continues toward the next significant step—selling the property. While the project has exceeded the budget, efforts remain focused on ensuring a successful outcome. Photos can be provided upon request—please share the preferred email for delivery.

01/15/24

The property rehabilitation is nearing completion, with final touches currently in progress. Key milestones have been aligned with this phase, indicating significant progress toward readiness. There were some delays due to pending permits before, which temporarily impacted on the timeline. The next significant step is to list the property on the market. However, the project has exceeded the initial budget. Photos of the property will be shared shortly to provide an updated visual perspective for the PML.

12/18/24

The property rehab project is progressing steadily, with the team fully prepared to move forward as soon as the necessary permits are obtained. While no major milestones have been reached yet, this is due to the current permit approval process, which is being actively monitored. Once the permits are in hand, the next steps will focus on completing the interior electrical and plumbing work, setting the stage for significant progress. The project is on track financially, staying within budget, and there are photos of the property ready to share with the private money lender to keep everyone informed and engaged.

11/27/24

The property rehab is currently facing delays due to permit requirements for the ground floor, which are expected to take approximately two months to secure. This issue has impacted overall progress, and no significant milestones have been completed as of yet. Despite this, the team plans to move forward with interior electrical and plumbing work once the necessary permits are obtained. The project remains on budget, and photos will be shared with the private money lender as requested.

10/29/24

As of now, the gutters have been cleared, marking a positive step forward in the rehabilitation process. He’s currently waiting on general permits, which have caused a delay of about a month. The next significant action is to obtain all the required general permits and begin work on the electrical, plumbing, and HVAC systems. Unfortunately, he’s currently over budget. Additionally, he will be sending photos to share with the PML.

10/11/24

The property rehab progress has reached a significant point, with the framing work now complete. The team is currently awaiting the general and electrical HVAC permits. Key milestones achieved so far include the completion of the framing. However, there have been some delays due to the pending permits. The next significant action is to obtain these permits in order to resume work. Budget-wise, everything is on track, and he will send photos for sharing via email.