201-942-9089 info@abl1.net

Shirley New York Fix And Flip Loan

Address: Shirley, New York
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Fix and Flip — Single Family Detached
Purchase Price: $320,000
Renovation Budget: $70,000
Loan Amount: $318,000
Cash Available for Purchase: $248,000
Cash Available for Renovation: $70,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $490,000

­­­­­Asset Based Lending recently funded a fix and flip loan to a repeat borrower and experienced real estate investor in Shirley New York. The borrower intends to update this property with a new roof and new coat of paint on the siding. For the interior, the borrower will update the kitchen with new shaker cabinets, granite countertop, and stainless-steel appliances. The vanities will be replaced as well as the tile in the bathrooms. In the areas with hardwood the borrower will refinish the flooring and replace the existing carpets with luxury vinyl plank. Renovations on this project will take about 6 months, and their exit strategy is to list the property for sale.