fix and flip investment properties

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College Point, NY Fix & Flip

Address: College Point, NY
Borrower Profile: Experienced Investor
Work Description: Gut renovation of an urban single family home in 7 draws
Purchase Price: $275,000
Renovation Budget: $130,000
Loan Amount: $350,000
Cash Available for Purchase: $220,000
Cash Available for Renovation: $130,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $640,000
Sale Price: $615,000
Time To Pay Off: 8 months
Situation:

Borrower contacted ABL for a loan after an online search. Borrower had experience as a project manager for larger renovation projects.. A general contractor was hired to do the work. Potential problems revolved around the relative complexity of the rehabilitation, as it involved substantial water damage, roof repair, upper level exterior renovation, interior wall rearrangement, and  new bathrooms and kitchen. Permits and timelines were also a concern.

Outcome:

The project was completed with very high quality renovations. Although sale price was somewhat lower than expected, the time on market was very short. Permits and inspections did complicate the project to some extent, but a high profit margin was still achieved.

ny bathroom before hard money loan
Bathroom Before
ny hard money loan bathroom renovation
Bathroom After
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