Hard Money Fix And Flip Loan In Glen Cove NY
Address: Glen Cove, NY
Borrower Profile: Repeat Borrower And Experienced Investor
Work Description: Gut Renovation
Purchase Price: $493,000
Renovation Budget: $201,000
Loan Amount: $546,000
Cash Available for Purchase: $387,000
Cash Available for Renovation: $159,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $850,000
Situation:
Asset Based Lending recently funded a hard money fix and flip loan for an exceptionally experienced investor in Nassau County NY. The 2,900 sqft single family property was purchased at auction and will undergo and complete gut renovation. The scope of work for this fix and flip includes interior demolition, new framing, replacing the windows and doors throughout, as well as new plumbing, electric, and HVAC systems. The kitchen and bathrooms will also be completely overhauled.
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