INV Ref – PRX6381

916 N FALLON ST

Updated Progress

05/15/25
The project is moving into the final stretch. Right now, the focus is on ordering the last key items—cabinets, countertops, HVAC components, flooring, and carpet. Most of the major work is in place, and we’re seeing the finishes come together. Photos should be coming our way later today, which will give us a better look at where everything stands.
As of today, the borrower estimates the rehab is about 75% complete. The plan is to be fully wrapped up within the next two weeks. Based on current pace and consistency, that timeline feels reasonable.Contractors have been showing up reliably and are keeping on schedule. Budget-wise, things are in good shape—he hasn’t drawn the full amount yet and still has about $33,000 remaining.
All inspections to date have passed without issue. There’s just one final inspection left to check off. Once that’s cleared, the borrower plans to move forward with a refinance to close out the project.Overall, progress looks steady, and the finish line is in sight. We’ll know more once we see the updated photos.

The progress was briefly paused over the past few weeks due to the contractor’s hospitalization. Work officially resumed today, 04/28/25, and the team is now being organized to continue with the rehab. A follow-up call next week will help monitor the progress and ensure everything stays on track.

The rehab is nearing the finish line, with full completion set for Monday next week. Just one final step remains—an electrical inspection, currently on hold as the last batch of materials arrives. Everything else is in place, making this project almost ready for the market. Soon, it’ll be time for the big moment—listing the property! Photos will be shared with the PML shortly to capture the progress.

The property rehab is currently 65% complete, with major milestones achieved, including the roof, drywall, plumbing, HVAC, and framing. No issues or delays have been encountered at this time. The project is on track to be fully completed within the next two weeks, while remaining within budget. Photos can be provided upon request.

The project is progressing well with several key tasks completed, including demolition, roofing, drywall installation, painting, electrical work, rough plumbing, and painting of interior doors. The interior trim work is also in progress. The HVAC ductwork has been completed, and work will soon begin on replacing the unit in the basement. The bathroom is still being finished, and attention is now focused on the kitchen. Although there has been a slight delay due to the need for additional funds for cabinets, the project is still on track overall. The budget is being managed effectively, and there are no significant concerns. Photos of the property will be provided tomorrow for further sharing with the PML.

SUPPORTING DOCUMENTS

EXPERIENCE WORKSHEET

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STATEMENT OF WORK

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RENOVATION ARV

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DEAL ANALYSIS CALCULATOR

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APPROVED LOAN DETAILS

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SIGNED JV and HHA

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SIGNED PA

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ONLINE DEC

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GC LICENSE

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