Fredrick Ave, Elmont, NY

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

Fix and Flip, Hard Money, Private Money

 

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.