Hard Money Fix And Flip Loan In Staten Island New York
Address: Staten Island, NY
Borrower Profile: Repeat Borrower
Work Description: Fix and Flip - Single Family
Purchase Price: $325,500
Renovation Budget: $32,000
Loan Amount: $286,000
Cash Available for Purchase: $254,000
Cash Available for Renovation: $32,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $440,000
Situation:
Asset Based Lending recently funded a hard money fix and flip loan for a repeat borrower and real estate investor in Staten Island, New York. The investor purchased the REO property at auction and has determined it needs $32,000 in renovations. The scope of work for rehab includes gutting the kitchen and bathroom, patching some drywall, and other cosmetic improvements.
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