Location: Nesconset, NY
Work Description: Fix & Flip – Single Family
Purchase Price: $307,000
Renovation Budget: 80,000
Loan Amount: $340,000
Cash Available for Purchase: $260,950
Cash Available for Renovation: $79,050
Loan Structure: 12 Months Interest Only
Loan Purpose: Hard Money Fix And Flip Loan
ARV: $520,000
Situation:
Source Realty Capital recently funded a hard money loan for a fix and flip project in Nesconset, NY. The borrower, a new customer at the time, is an experienced investor that purchased this property through an online auction. Source Realty Capital was able to approved the borrower and fund this deal in short order. The borrower as able to finance 85% of the purchase and 100% of renovation.