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NY Hard Money Lender Funded Fix & Flip In White Plains

Address: White Plains, NY
Borrower Profile: Experienced Investor & Contractor
Work Description: Fix and Flip - Single Family
Purchase Price: $301,350
Renovation Budget: $80,000
Loan Amount: $195,000
Cash Available for Purchase: $195,000
Cash Available for Renovation: $0
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase Only
ARV: $325,000
Situation:

Asset Based Lending recently funded this hard money loan for a repeat borrower buying a 1600 square foot single family investment property in Westchester, NY. The borrower himself is a general contractor, and his wife is the real estate agent that found this deal – in addition to being a property manager! The borrowers have decided to finance the renovations with their own liquidity. Their scope of work for renovations includes a new roof and siding, finishing the basement, and gutting the kitchen and bathrooms.

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