Barbey Street, Brooklyn, NY

Location: Brooklyn, NY

Work Description: Fix & Flip – Single Family

As Is Value: $600,000

Renovation Budget: Completed

Loan Amount: $440,000

Loan Structure: 12 Months Interest Only

Loan Purpose: Refinance and cash out

Fix and Flip, Private Money Loan, Hard Money Loan

 

Situation:

Source Realty Capital recently funded a cash out refinance in Brooklyn, NY. The borrower, a repeat customer, is an experienced investor that recently completed the renovations on the property, but wanted to refinance his current lender and take a small cash out.  Source Realty Capital understood the borrower’s need to get out of his current loan, as well as his need to cash out so he was able to move on to the next deal.  We advanced the borrower 73% of the as is value.