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Hard Money Loan For Fix And Flip In Smithtown NY

Address: Smithtown, NY
Borrower Profile: Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $326,550
Renovation Budget: $110,000
Loan Amount: $359,000
Cash Available for Purchase: $249,000
Cash Available for Renovation: $110,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $750,000
Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip project in Smithtown, NY. The borrower is an experienced real estate investor that picked up this property in decent shape at the local auction. The scope of work for this 5 bed / 4 bath single family home in Long Island includes burying the pool, replacing the roof, installing new hardwood floors throughout, as well as gutting the kitchen and bathrooms.

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