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Hard Money Loan In Ronkonkoma NY

Address: Ronkonkoma, NY
Borrower Profile: New Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $205,000
Renovation Budget: $120,000
Loan Amount: $225,000
Cash Available for Purchase: $92,400 (Cash Out)
Cash Available for Renovation: $120,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And Rehabilitation
ARV: $480,000
Situation:

Asset Based Lending recently financed this cash out and rehab hard money loan for a project in Suffolk County, New York. The investor purchased the property cash several months ago, and was going to finance the renovations through a large national hard money lender who backed out during the closing process. The subject property is a 2,400 square foot single family home with 4 bedrooms and 2.5 bathrooms in need of approximately $120,000 in renovations. The scope of work includes a new roof, siding, and windows as well as gutting the kitchen and bathrooms, new sheetrock, updating the electrical system, and painting and flooring upgrades throughout.

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