Situation:

This repeat ABL borrower won this three-story Staten Island townhouse at auction. Our borrower will spend the bulk of his $50k rehab installing a new garage door, adding a full bath, gutting and updating the kitchen, and finishing the basement. He will also replace the bedroom carpets and put laminate flooring in the rest of the home, upgrade the tiles and fixtures in the bathrooms, and add new doors. With similar unrenovated properties in the area selling for over $400k, we’re confident that the finished property will sell for at least the $460k ARV estimate!