Locust Street, Mt Vernon, NY

Location: Mt Vernon,  NY

Work Description: Fix & Flip – Single Family

Purchase Price: $241,500

Renovation Budget: 46,000

Loan Amount: $273,000

Cash Available for Purchase: $227,624

Cash Available for Renovation: $45,367

Loan Structure: 12 Months Interest Only

Loan Purpose: Hard Money Fix And Flip Loan

ARV: $420,000

Hard Money, Fix and Flip Loan

 

Situation:

Source Realty Capital recently funded a hard money loan for a fix and flip project in Mt Vernon, NY. The borrower, who at the time was a new customer, is an experienced contractor that purchased this property through a REO broker. Source Realty Capital recognized that this borrower had the experience and capability to execute on this deal. Even though this borrower was new to SRC, we were able to give him max leverage.  The borrower financed 90% of the purchase and 100% of renovation.