Address: Pleasantville, NY
Work Description: Fix & Flip – Single Family
Purchase Price: $432,200
Renovation Budget: 85,000
Loan Amount: $473,080
Cash Available for Purchase: $388,080
Cash Available for Renovation: $85,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Hard Money Fix And Flip Loan
ARV: $800,000
Situation:
Source Realty Capital recently funded a hard money loan for a fix and flip project in Pleasantville, NY. The borrower, a repeat customer, is an experienced contractor that purchased this property through a short-sale process. Given the tight timing of the short-sale process, Source Realty Capital was able to approve and fund this loan in only two days. The borrower as able to finance 90% of the purchase and 100% of renovation.
