Melville NY Hard Money Fix & Flip Loan
Address: Melville, NY
Borrower Profile: Experienced Investors
Work Description: Gut Renovation - Single Family
Purchase Price: $612,900
Renovation Budget: $148,000
Loan Amount: $633,000
Cash Available for Purchase: $485,000
Cash Available for Renovation: $148,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $1,200,000
Sale Price: $1,099,000 (Listed)
Front – Before
Front – After
Situation:
Asset Based Lending funded a hard money fix and flip loan for a property purchased out of foreclosure in Melville, New York. The investment team is made up of a dentist/real estate investor and a general contractor/real estate investor. The subject property is a 2,870 sqft 4 bed 4 bath single family on a 1 acre lot. The $148,000 scope of work for renovations includes refinishing the basement, adding a 2nd central air zone, refinishing the hardwood floors, opening up the floor plan, gutting the bathrooms and kitchen, as well other cosmetic upgrades throughout.
Outcome:
Kitchen – Before
Rear – Before
Bathroom – Before
Kitchen – After
Rear – After
Bathroom – After
Get Started
