Location: Elmont, NY
Work Description: Fix & Flip – Single Family
As Is Value: $237,000
Renovation Budget: $100,000
Loan Amount: $289,600
Cash Out Refinance: $189,600
Cash Available for Renovation: $100,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out Refinance with a Construction Holdback
ARV: $500,000
Situation:
Source Realty Capital recently funded a cash out refinance with a construction holdback in Elmont, NY. The borrower had previously purchased this property, and he wanted to pull cash out, as well as finance the renovation. Source Realty Capital was able to understand the borrower’s needs and see the value in his property. The borrower was able to cash out 80% of the As Is value of the property and take a holdback of 100% of the renovation.