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Hard Money Fix And Flip Loan In Queens New York

Address: Queens, NY
Purchase Price: $300,000
Renovation Budget: $148,550
Loan Amount: $364,000
Cash Available for Purchase: $215,450
Cash Available for Renovation: $148,550
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $560,000

Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip real estate investor in Queens, NY. The scope of work for this large renovation calls for a total gut of the existing property without adding square footage. The borrower will also replace the roof, finish the basement, add a bathroom, and upgrade the electrical and plumbing throughout.