Hard Money Loan For Purchase In Southampton NY
Address: Southampton, NY
Borrower Profile: Experienced Investor
Work Description: Cosmetic Rehab To Rental Property
Purchase Price: $575,000
Renovation Budget: $20,000
Loan Amount: $375,000
Cash Available for Purchase: $375,000
Cash Available for Renovation:
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase Only
ARV: $575,000 (As-Is)
Situation:
Asset Based Lending recently financed a hard money loan for the purchase of a single family home in Suffolk County, NY. The borrower is an experienced real estate investor that is buying the subject property out of foreclosure in need of only minor cosmetic updates. After using ABL for a quick-close on the purchase, the investor plans to keep the property for rental income by refinancing into a longer term rental loan.
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