Situation:

This three-person investment team, comprised of Staten Island natives, is prepared to take on their first flip: a one unit condo just a few minutes from their homes! Although the property is beat-up right now, it has a lot of potential: two balconies, two bedrooms and baths, and an ocean view of Manhattan. Before they sell, they will need to fix water leaks, replace 50 square feet of hardwood floors, and gut the kitchen, as well as complete many other repairs. However, the investment will be well worth it, as they will add over $100,000 to the property’s value! We’re confident our borrowers will handle their first project like pros and end up with a beautiful and highly desirable condo!