NY Hard Money Lender – Freeport Purchase Loan
Address: Freeport, NY
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $275,000
Renovation Budget: $20,000
Loan Amount: $253,000
Cash Available for Purchase: $233,000
Cash Available for Renovation: $20,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $410,000
Situation:
ABL recently funded a fix and flip loan for a repeat borrower and experienced real estate investor in Freeport, New York. The investor, on his 6th hard money loan with ABL, is buying a 1,200 sqft 3 bed / 1.5 bath single family out of foreclosure. The plan is to quickly complete a cosmetic rehab and flip the property to the end buyer.
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