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Hard Money Loan For Fix And Flip In Rocky Point NY

Address: Rocky Point, NY
Borrower Profile: New Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $332,000
Renovation Budget: $41,000
Loan Amount: $290,000
Cash Available for Purchase: $231,600
Cash Available for Renovation: $41,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $510,000
Situation:

Asset Based Lending recently financed a hard money loan for a fix and flip project in Rocky Point, NY. The borrower, a master electrician, found the property though an auction and contacted ABL online for a hard money loan. The subject property is a 2,500 square foot single family home with 4 bedrooms and 2.25 bathrooms in Suffolk County. The $41,000 scope of work for renovations includes gutting the kitchen and baths, replacing all electrical fixtures, new paint throughout, new exterior siding, and other cosmetic upgrades.

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