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West Babylon NY Hard Money Loan

Address: West Babylon, NY
Borrower Profile: Experienced General Contractor
Work Description: Gut Renovation - Single Family
Purchase Price: $217,500
Renovation Budget: $65,000
Loan Amount: $239,000
Cash Available for Purchase: $174,000
Cash Available for Renovation: $65,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $370,000
Situation:

Asset Based Lending recently financed a hard money fix and flip loan for a project in Long Island, New York. The investor, an experienced general contractor, found the 1,100 square foot single family home through the help of a local realtor and immediately put it under contract. The renovation of this 3 bed/2 bath home is expected to take 6-8 weeks and cost $65,000. The scope of work includes new roof, siding and front entrance, as well as a nearly full interior gut with mid-grade finishes.

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