Rocky Point New York Fix And Flip Hard Money Loan
Address: Rocky Point, NY
Borrower Profile: First Time Real Estate Investor
Purchase Price: $133,000
Renovation Budget: $85,000
Loan Amount: $191,000
Cash Available for Purchase: 106,000
Cash Available for Renovation: $85,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase And Rehabilitation
ARV: $350,000
Situation:
Asset Based Lending recently funded a fix and flip loan for a first time real estate investor in the Rocky Point area of Long Island, New York. As a professional contractor, the scope of work for this renovation includes overhauling the kitchen and bathrooms as well as moving the staircase and raising the roof. The rehab is estimated to take roughly 60 days once the permits are received.
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