201-942-9089 [email protected]

Palm Beach Gardens Florida Hard Money Fix And Flip Loan

Address: Palm Beach Gardens, FL
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $1,425,000
Renovation Budget: $896,900
Loan Amount: $2,089,000
Cash Available for Purchase: $1,192,100
Cash Available for Renovation: $896,900
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $3,000,000

Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Palm Beach Gardens Florida. The borrower is a repeat borrower and full-time builder & real estate investor. The property was purchased for $1,425,000 with a renovation budget of $896,900 and total loan funded at 90% LTC and 70% LTV. The property is a single-family 4-bedroom, 4-bathroom that will become a 5-bedroom, 5.5-bathroom measured at 7,161 square feet after renovation. Primary focus will be repurposing the garage to add an additional bedroom and home office. Kitchen will receive high-end finishes with quartz countertops, custom cabinets, and breakfast nook. Baths will feature unique tiles in each with neutral white counters and high-end finishes.