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Hard Money Loan For Fix And Flip In Brooklyn NY

Address: Brooklyn, NY
Borrower Profile: Experienced Investor & General Contractor
Work Description: Gut Renovation - Two Family
Purchase Price: $390,800
Renovation Budget: $27,000
Loan Amount: $355,000
Cash Available for Purchase: $328,000
Cash Available for Renovation: $27,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $640,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Brooklyn NY for a first-time borrower with previous real estate investing experience. The property was purchased for $390,800 with a renovation budget of $27,000 funded at nearly 85% LTC.  This multi-family home is divided into two units with a grand total 2000 square feet with the upstairs unit consisting of 2-bedroom, 1 bath and the downstairs unit consisting of 1 bedroom, 1 bath. These units will undergo both interior and exterior renovations, with exterior updates including a brand-new fence, new garage door, and fresh coat of paint. Interior upgrades will be more extensive, including gutting the kitchen and bathrooms, new hardwood floors, new lighting, and tile replacement in the bathrooms. Even though this is the first time our borrower has worked with us, we take investors’ previous history and experience so we can offer them the most reliable fix and flip loans NY has to offer.

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