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
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.