201-942-9089 info@abl1.net

Hard Money Fix and Flip Loan in Staten Island NY

Address: Staten Island, NY
Borrower Profile: First Time Investors
Purchase Price: $450,000
Renovation Budget: $30,000
Loan Amount: $360,000
Cash Available for Purchase: $330,000
Cash Available for Renovation: $30,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $565,000

Situation:

This three-person investment team, comprised of Staten Island natives, is prepared to take on their first flip: a one unit condo just a few minutes from their homes! Although the property is beat-up right now, it has a lot of potential: two balconies, two bedrooms and baths, and an ocean view of Manhattan. Before they sell, they will need to fix water leaks, replace 50 square feet of hardwood floors, and gut the kitchen, as well as complete many other repairs. However, the investment will be well worth it, as they will add over $100,000 to the property’s value! We’re confident our borrowers will handle their first project like pros and end up with a beautiful and highly desirable condo!