Queens Hard Money Lender For Fix And Flip
Address: Ozone Park, NY
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: Gut Renovation - Two Family
Purchase Price: $400,000
Renovation Budget: $135,000
Loan Amount: $455,000
Cash Available for Purchase: $320,000
Cash Available for Renovation: $135,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $700,000
Situation:
Asset Based Lending recently funded a hard money loan for a fix and flip project in Ozone Park, New York. The borrower is an experienced investor and repeat borrower purchasing a semi-detached 1,900 square foot single family in Queens. The plan is to use the $135,000 construction budget to complete a total gut renovation in addition to converting the 3-story single-family into a 2 family house.
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