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
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.