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Newburgh NY Buy Rehab & Rent Hard Money Loan

Address: Newburgh, NY
Borrower Profile: New Borrower
Work Description: Multi-Family Conversion
Purchase Price: $125,000
Renovation Budget: $190,000
Loan Amount: $247,000
Cash Available for Purchase: $57,000
Cash Available for Renovation: $190,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Buy Rehab Rent Refinance
ARV: $380,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Newburgh NY for a first-time borrower with limited real estate investing experience. The property was purchased for $125,000 with a renovation budget of $190,000 and total loan funded at about 80% LTC. After rehab is complete, the investor plans to refinance the property using ABL’s rental loan financing to keep the property as an income producing asset. The property is a single-family home measured at 700 square foot featuring 2 bedrooms and 1 bathroom. The investor will be gutting this property, converting it into a two-family home and adding an additional 1300 square feet. The final property will feature two units with 2-bedrooms, 2-baths measured at 1000 square feet each.

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