201-942-9089 [email protected]

Newport Rhode Island Fix And Flip Loan

Address: Newport, RI
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: Fix And Flip — Condo Conversion
Purchase Price: $975,000
Renovation Budget: $354,000
Loan Amount: $1,125,000
Cash Available for Purchase: $771,000
Cash Available for Renovation: $354,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $1,800,000
Newport RI fix and flip loan
Rhode Island hard money lender
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Newport Rhode Island. The borrower is a repeat borrower and full-time real estate investor. The property is a four-unit multifamily that will see each unit converted into its own condominium. Each unit is a 1-bedroom, 1-bathroom measured at approximately 650 square feet each. Property exterior will receive new siding and fresh coat of paint along with a new roof, new landscaping, replacement of walkway steps, and replacement of rear fence. Interior will receive mid-grade finishes and refinished floors. Kitchens will be highlighted by quartz countertops and mid-range stainless steel appliances while bathrooms will receive new vanities, toilets, sinks, and showers. Project is expected to take six months with final sale occurring shortly after completion.

Newport RI hard money loan
Fix and flip loans Rhode Island
Condo conversion fix and flip Rhode Island
Direct hard money lender Rhode Island