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Hard Money Fix and Flip Loan in Yonkers, NY

Address: Yonkers, NY
Borrower Profile: First-Time Investor
Purchase Price: $235,000
Renovation Budget: $30,000
Loan Amount: $218,000
Cash Available for Purchase: $188,000
Cash Available for Renovation: $30,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $390,000

Situation:

This ambitious first-time fix and flip investor plans to finish the bulk of his renovations in only 3 weeks! He’s going to fix up the stairs, touch up the paint, and check the electric, plumbing, and hot water before putting it back on the market for a total profit of $125,000. That’s what we’d call a diamond in the rough!