Fix And Flip Hard Money Loan In Suffolk County NY
Address: Huntington Station, NY
Borrower Profile: First Time Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $222,000
Renovation Budget: $54,000
Loan Amount: $231,000
Cash Available for Purchase: $177,000
Cash Available for Renovation: $54,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $440,000
Situation:
Asset Based Lending recently financed a hard money loan for a fix and flip project in Huntington Station, NY. The project is a purchase and renovation of a 1,954 square foot 4 bedroom / 2 bathroom single family cape in Suffolk County, New York. The $54,000 scope of work for renovations includes completely gutting the kitchen and bathrooms, converting the house from oil to gas, replacing the flooring throughout, and updating all bedrooms.
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