Location: Pleasantville, NY
Work Description: Fix & Flip – Single Family
Purchase Price: $431,200
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. This was a repeat borrower that purchased this property through a REO broker. Source Realty Capital was ready to close this loan the day after the appraisal was delivered to us. The borrower financed 90% of the purchase and 100% of renovation.