Smith Street, Neconset, NY

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

Hard Money Loan, Fix Flip

 

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.