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Nassau County NY Fix & Flip Hard Money Loan

Address: Bethpage, NY
Borrower Profile: Experienced Investor & General Contractor
Work Description: Fix & Flip - Single Family
Purchase Price: $290,000
Renovation Budget: $28,000
Loan Amount: $286,000
Cash Available for Purchase: $258,000
Cash Available for Renovation: $28,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $425,000
Situation:

Asset Based Lending recently funded a hard money loan for an experienced fix and flip investor in Bethpage, NY. The investor – who is also a licensed contractor – found this single family property at auction, and came to ABL for a quick close loan to secure the deal. The existing property is an 1,100 sqft 3 bed/2 bath in need of gut renovations to the bathrooms and kitchen. The investor also plans on extending the footprint to add an additional bedroom.

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