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Bronx New York Hard Money Fix And Flip Loan

Address: Bronx, New York
Borrower Profile: First-Time Borrower — Experienced Real Estate Investor
Work Description: Gut Renovation — Multifamily 3
Purchase Price: $350,000
Renovation Budget: $163,300
Loan Amount: $460,000
Cash Available for Purchase: $296,700
Cash Available for Renovation: $163,300
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $790,000
Bronx NY fix and flip
Bronx NY rental property
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Bronx New York. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $350,000 with a renovation budget of $163,300 and total loan funded at 90% LTC. The property is a three-unit multifamily with each unit being a 3-bedroom, 1-bathroom measured at a combined 3,129 square feet. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. This gut renovation will focus primarily on the kitchens and bathrooms, with the kitchens receiving new countertops, cabinets, and stainless steel appliances. The bathrooms will have their vanities replaced along with new tubs and toilets. Other upgrades will include new crystal windows, hardwood floors throughout, new interior doors, and fresh coat of paint. Project is expected to take three months with loan refinancing occurring shortly after completion.

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