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Fix And Flip Loan In Wantagh New York

Address: Wantagh, NY
Borrower Profile: Experienced Investor
Work Description: Gut Renovation of Single Family Property
Purchase Price: $385,000
Renovation Budget: $250,000
Loan Amount: $508,000
Cash Available for Purchase: $258,000
Cash Available for Renovation: $250,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $790,000

Situation:

Asset Based Lending recently funded a hard money fix and flip loan for an experienced investor embarking on a gut renovation and expansion of a single family property in Long Island. The borrower on this deal is a long-time professional contractor who will be removing the roof to add an entire 2nd floor, building an extension on the back of the house, and renovating the interior with high end kitchen, bath, and other finishes. We’re confident this $250,000 rehab budget will be put to good use!