fix and flip investment properties

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Shoreham, NY Fix & Flip

Address: Shoreham, NY
Borrower Profile: Investor with some flipping experience
Work Description: Rehabilitation of a large suburban single family home in 3 draws
Purchase Price: $313,000
Renovation Budget: $90,000
Loan Amount: $336,000
Cash Available for Purchase: $246,000
Cash Available for Renovation: $90,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $580,000
Sale Price: $590,000
Time To Pay Off: 8 months
Situation:

Borrower contacted ABL after an initial meeting at a local REIA (Real Estate Investors Association) event. Borrower was interested in the project as it had a high potential profit margin for a relatively straightforward renovation. Borrower was the project manager, but hired a general contractor to do the work. The borrower did not have a high level of experience, but did have a good level of liquidity and a well thought out project plan. Borrower lived within 30 minutes of the project.

Outcome:

Project was completed and sold in the anticipated time line at slightly above the appraised value.

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Foyer Before
new york hard money lender foyer renovations
Foyer After
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Kitchen Before
Kitchen - After
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Living Room - Before
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Living Room - After
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