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Long Beach NY Fix & Flip Hard Money Loan

Address: Long Beach, NY
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $729,000
Renovation Budget: $200,000
Loan Amount: $783,000
Cash Available for Purchase: $583,000
Cash Available for Renovation: $200,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $1,250,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Long Beach NY. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $729,000 with a renovation budget of $200,000 and total loan funded at 84% LTC. This property is two-unit multi-family that totals 6-bedroom, 4-bathroom measured at approximately 3000 square feet. Gut renovation will focus on the four bathrooms and two kitchens. Other updates will include new electrical and plumbing being installed, as well as new floors and doors for each unit. Renovation is expected to take approximately 90 days and will be sold ASAP upon project completion.

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