Long Island Fix And Flip Funded By NY Hard Money Lender
Address: Centereach, NY
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $240,000
Renovation Budget: $65,000
Loan Amount: $274,000
Cash Available for Purchase: $209,000
Cash Available for Renovation: $65,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $390,000
Situation:
Asset Based Lending recently funded a hard money loan for a fix and flip project in Suffolk County, New York. The investor is a long-time repeat borrower purchasing a 5 bed / 2.5 bath 1,908 square foot home in Centereach, New York. The $65,000 scope of work for renovations includes replacing the furnace, updating the bedroom and bathrooms, gutting the kitchen, replacing the flooring and fixtures throughout, as well as other cosmetic updates to the exterior. ABL financed this project at 90% LTC and 70% LTV.
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