Location: Staten Island, NY
Work Description: Fix & Flip – Single Family
As Is Value: $430,000
Renovation Budget: Completed
Loan Amount: $301,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Refinance and cash out
Source Realty Capital recently funded a cash out refinance in Staten Island, NY. The borrower, a new customer at the time, is an experienced investor that recently completed the renovations on the property, but wanted to refinance his current lender and take a small cash out. Source Realty Capital understood the borrower’s need to get out of his current loan, as well as his need to cash out so he was able to move on to the next deal. We advanced the borrower 70% of the as is value.