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Hard Money Loan For Fix And Flip In Stony Brook NY

Address: Stony Brook, NY
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $380,000
Renovation Budget: $100,000
Loan Amount: $383,000
Cash Available for Purchase: $283,000
Cash Available for Renovation: $100,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $590,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Stony Brook NY for a repeat borrower and experienced investor. The property was purchased for $380,000 with a renovation budget of $100,000 and a total loan funded at 80% LTC. The property is a single-family home measured at 2300 square feet with 4 bedrooms and 3 baths that will be undergoing mostly significant renovations. Updates to the home will include new siding, new roof, new floors, and complete upgrades to the kitchen and bathroom. Our borrower owns a catering company for their day job but built his own home as well as several other investment properties. ABL has worked with this borrower on one previous deal and is always happy to lend to experienced investors with proven track records of success!

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