Long Island Fix And Flip Funded By NY Hard Money Lender

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Address: Centereach, NY

Borrower Profile: Experienced Investor & Repeat Borrower

Work Description: Fix & Flip - Single Family

Purchase Price: $240,000

Renovation Budget: $65,000

Loan Amount: $274,000

Cash Available for Purchase: $209,000

Cash Available for Renovation: $65,000

Loan Structure: 12 Months Interest Only

Loan Purpose: Fix And Flip Loan

ARV: $390,000

Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip project in Suffolk County, New York. The investor is a long-time repeat borrower purchasing a 5 bed / 2.5 bath 1,908 square foot home in Centereach, New York. The $65,000 scope of work for renovations includes replacing the furnace, updating the bedroom and bathrooms, gutting the kitchen, replacing the flooring and fixtures throughout, as well as other cosmetic updates to the exterior. ABL financed this project at 90% LTC and 70% LTV.