INV Ref – PRX8492

5615 CEDAR AVE

Updated Progress

10/30/25

The borrower shared that flooring cuts are not expected to delay plumbing work, with joist and electrical completion scheduled for this Saturday. The plumbing installation is anticipated to be fully completed by the end of next week. Framing work is ongoing with window cutouts in progress, while HVAC installation is pending as the unit has not yet been obtained. No updated completion timeline has been provided at this time.

The borrower has just received the plumbing permit, and plumbing work is scheduled to start next week. He mentioned that the team is still working on cutting out sections of the floors from the previous update, which may need to be addressed before certain installations. The remaining scope of work includes framing and HVAC installation. He will be sharing photos once the flooring and plumbing work have been completed next week.

The borrower has shared the latest rehab progress photos which are attached on this email . He mentioned that the team is currently focused on cutting out sections of the floors affected by dry rot and sealing up the walls. We’ll continue to monitor the progress and provide updates as more work is completed.

Progress on the rehab is moving along well. The borrower mentioned that they recently submitted a draw request. The house has been gutted and framed, the windows have been installed and framed, and the roofing has been completed. There is one more room left to finish, after which the property will be ready for drywall installation. The remaining scope of work includes drywall, bathroom completion, and flooring. The borrower also noted that he will be sending us the latest rehab progress photos, which will be shared and uploaded to the portal once received.

Work is currently moving along, though recent weather has caused some delay. It’s been raining quite a bit, which has prevented the crew from starting on the roof as planned. That said, they’re aiming to get it done tomorrow, weather permitting.
 
So far, about 5% of the overall work is complete. Permits for the electrical work have already been submitted and they’re just waiting for it to come back. There’s still one more permit needed for plumbing, which they’re planning to handle next. The general scope of work will follow this sequence: roof first, then electrical, followed by plumbing. Once those are done, they’ll move on to drywall, window installation, flooring, and finally paint.
 
Overall, things are in a good place. The borrower plans to refinance the property once the rehab is complete. We’ll continue to monitor progress and provide updates as key milestones are reached.

The house has been fully gutted, and the borrower just met with his framer and is now working on a materials list to get started on some minor framing and measuring the windows for replacement. The electrician should be ready to go in about a week, and just waiting to line up timing with the plumber for the rough-ins. There might be a bit more demo left to do—nothing major, just a few small things. Overall, things are moving along, and photos will be shared as progress continues.

The borrower began demolition this week following the receipt of the required builders permit and successful completion of the preliminary inspection. The house has been cleared of debris, and all trash has been removed. Photos showing the progress of the demolition, including the potential completion of the work, will be provided by Friday.

Rehab preparations are nearly complete, with just one final plumbing estimate needed before submitting the paperwork to officially begin the project. Excitement is building as key steps are falling into place, setting the stage for solid progress ahead.
 

09/03/2025

SUPPORTING DOCUMENTS

SIGNED MEMORANDUM JVA

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SIGNED JV AGREEMENT

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RECORDED MEMORANDUM

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SIGNED MEMORANDUM JVA

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SIGNED MEMORANDUM JVA

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SIGNED MEMORANDUM JVA

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SCOPE OF WORK

SIGNED PRELIM TERM

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EXPERIENCE WORKSHEET

DEAL ANALYSIS CALCULATOR

WIRE INSTRUCTIONS

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SIGNED APPROVED LOAN TERMS

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SIGNED PROMISSORY NOTE 1

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SIGNED PROMISSORY NOTE 2

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SIGNED PERSONAL GUARANTEE

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SIGNED OA

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SIGNED JV OA HHA PN PG

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SIGNED JV AGREEMENT

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SIGNED HHA

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SIGNED AMENDED OA

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RENOVATION ARV

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