Fix And Flip Funded By Hard Money Lender In Florida
Address: St Petersburg, FL
Borrower Profile: First Time Flipper
Work Description: Fix and Flip - Single Family
Purchase Price: $142,500
Renovation Budget: $39,000
Loan Amount: $152,000
Cash Available for Purchase: $113,000
Cash Available for Renovation: $39,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $235,000
Situation:
Asset Based Lending recently funded this hard money fix and flip loan for a first time investor in St Petersburg, Florida. The borrower – a new investor but licensed appraiser in the area – needed to move quickly, and ABL was able to close this deal in 1 week! The subject property for this project is a 3-bedroom 1-bathroom single family home with approximately 1,218 square feet.
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