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Centerport NY Cash Out Refinance

Address: Centerport, NY
Borrower Profile: First Time Borrower With Fix And Flip Experience
Work Description: Gut Renovation - Single Family
Purchase Price: $363,000
Renovation Budget: $195,000
Loan Amount: $125,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And Rehab
ARV: $750,000
Situation:

Asset Based Lending recently funded a hard money cash out loan in Centerport New York for a first-time borrower with extensive real estate investing experience. The property was purchased for $363,000 with a renovation budget of $195,000. The renovation was approximately 95% complete when the borrower approached ABL for a cash-out. The home is a 5-bedroom, 3.5-bath measured at approximately 2800 square feet. Rehab included full gut renovations, rebuilding the home back up from the studs. Property received a new kitchen, new baths, new roof, new windows, and new floors. Driveway and landscaping are set to be updated in the remaining renovations.

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