Hard Money Loan For Fix And Flip In Bayshore NY
Address: Bayshore, NY
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $280,000
Renovation Budget: $21,000
Loan Amount: $270,000
Cash Available for Purchase: $249,000
Cash Available for Renovation: $21,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $380,000
Situation:
Asset Based Lending recently financed a hard money loan for a fix and flip in Bayshore, New York. This repeat borrower and experienced investor found the 2,000 square foot single family subject property on the MLS, and plans to put just $21,000 in rehab into it. The scope of work for renovation includes updating the kitchen and bathrooms, fixing the roof, and new paint throughout. ABL was able to finance this NY fix and flip loan at 89% of purchase and 100% of rehab.
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