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NY Hard Money Lender – Brooklyn Fix & Flip Loan

Address: Brooklyn, NY
Borrower Profile: Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $790,000
Renovation Budget: $375,000
Loan Amount: $1,045,000
Cash Available for Purchase: $670,000
Cash Available for Renovation: $375,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $1,800,000
Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip project in Brooklyn, New York. The investors are very experienced, specializing in building and renovating brownstones in Brooklyn and the Bronx. This property is a 2,268 sqft 2 family with 6 bedrooms and 3 bathrooms in Stuyvesant Heights, right off Broadway and in close proximity to transit for a quick commute to Manhattan. The project is a total gut renovation, and will undergo $375,000 worth of work to help it match the local market’s demand.

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