Far Rockaway New York Fix And Flip Loan
Address: Far Rockaway, NY
Borrower Profile: First Time Borrower — Experienced Real Estate Investor
Work Description: Cosmetic Renovation — Multifamily 4
Purchase Price: $630,000
Renovation Budget: $340,000
Loan Amount: $844,000
Cash Available for Purchase: $504,000
Cash Available for Renovation: $340,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $1,490,000
Situation:
Asset Based Lending recently funded a hard money fix and flip loan in Far Rockaway New York. The borrower is an experienced real estate investor and first time ABL borrower. The property is a four-unit multifamily with two units being 1-bedroom, 1-bathroom and two units being 2-bedroom, 1-bathroom measured at a combined total 3,070 square feet. The property exterior will receive a new roof, siding, fencing, and 48 new windows. Each unit will receive new kitchen cabinets, new hardwood floors, new HVAC systems, washer & dryer installed, and brand new bathrooms with higher end finishes. Renovation is expected to take eight months with final sale occurring shortly after completion.
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