Delaware Ave, Yonkers, NY

Location: Yonkers, NY

Work Description: Fix & Flip –  Single Family

Purchase Price: $247,000

Renovation Budget: $105,200

Loan Amount: $303,200

Loan Structure: 12 Months Interest Only

Loan Purpose: Hard Money Fix and Flip Loan

After Repaired Value: $440,000

Fix and Flip Bridge Loan

 

Situation:

Source Realty Capital recently funded the purchase of a single family home in Yonkers, NY.  The borrower, a new customer, is an experienced investor that needed a lender which understands his capital needs.  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 80% of the purchase and 100% of the renovation budget.