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Hard Money Loan In Hempstead NY For Fix And Flip

Address: Hempstead, NY
Borrower Profile: Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $290,000
Renovation Budget: $51,000
Loan Amount: $289,000
Cash Available for Purchase: $238,000
Cash Available for Renovation: $51,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $475,000

Asset Based Lending recently funded a hard money loan for a fix and flip in Long Island, NY. The borrower – an experienced investor but on his first deal with ABL – is buying a 1,187 square foot single family home with 3 bedrooms and 1 bathroom. The $51,000 scope of work for renovations is extensive and includes adding an additional bedroom and bathroom, replacing the roof and exterior siding, finishing the basement, gutting the kitchen and bathrooms, replacing all light fixtures, and new flooring throughout.

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