Cornelia Street, Brooklyn, NY

Location: Brooklyn, NY

Work Description: Fix & Flip –  Two Family

Purchase Price: $970,000

Renovation Budget: $200,000

Loan Amount: $965,000

Loan Structure: 12 Months Interest Only

Loan Purpose: Hard Money Fix and Flip Loan

After Repaired Value: $1.3M

Hard money fix and flip bridge loan

 

Situation:

Source Realty Capital recently funded purchase for a two family in Brooklyn, NY. The borrower, a repeat customer, is an experienced investor that needed to make a quick purchase to lock-down the deal.  Source Realty Capital was able to close this loan in under a week and provide the investor with the capital he needed for the renovation budget.  We advanced the borrower 90% of the purchase and 100% of the renovation budget.