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Hard Money Loan For Fix And Flip In White Plains NY

Address: White Plains, NY
Borrower Profile: Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $365,000
Renovation Budget: $88,000
Loan Amount: $361,000
Cash Available for Purchase: $254,950
Cash Available for Renovation: $88,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $650,000
Situation:

Asset Based Lending recently funded a hard money loan for an experienced real estate investor buying a fix and flip property in White Plains, New York in need of a gut renovation. The subject property is a single family REO, currently 1,400 square feet with 3 bedrooms and 2 bathrooms. The $88,000 scope of work includes adding an additional 1,400 square feet with 2 additional bedrooms and 1 additional bathroom, installing a new roof and gutters, exterior landscaping, upgrading the electrical systems, opening the floorplan between kitchen and living room, and other upgrades throughout.

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