Northport NY Hard Money Loan For Fix And Flip
Address: Northport, NY
Borrower Profile: Repeat Borrower
Work Description: Gut Renovation - Single Family
Purchase Price: $331,000
Renovation Budget: $130,000
Loan Amount: $391,000
Cash Available for Purchase: $261,000
Cash Available for Renovation: $130,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $675,000
Sale Price: $660,000
Time To Pay Off: 7 Months
Exterior – Before
Exterior – After
Situation:
For his second deal with Asset Based Lending, this real estate investor sought funding for a hard money loan to finance a fix and flip project in Suffolk County, NY. A three-person team, each of the investors involved in this project has real estate experience ranging from working in construction, HVAC contracting, and even a licensed realtor. This 2,400 sqft single family split level consisting of 4 bedrooms and 2.5 bathrooms is in need of serious repair – there is even a tree growing in the roof! The investors will use a $130,000 rehab budget to completely gut the property inside and out, bring it up to market standards, and sell it for a profit.
Outcome:
Kitchen – Before
Bathroom – Before
Interior – Before
Kitchen – After
Bathroom – After
Interior – After
Get Started
