The 1-year, fixed rate bridge loan was used to purchase a propety in Rockville Centre, NY, as well as provide the borrower with the money necessary to complete the renovations of the house. . The property was purchased for $610,000 from the estate of its previous owners. It’s need of a full cosmetic renovation, including a new roof, siding, drywall, kitchen, and baths, as well as refinishing the floors, painting and landscaping. The total cost of the renovation will be just around $200,000 The company that purchased this property is an experience real estate investor located in Queens, NY. They’re an active investor of distressed properties in Long Island. This is the fourth deal we’re done for this borrower in the last 18 months.
John Femenia