Large fix and flip deal we closed for an experienced real estate investor in Sands Point, NY. This deal was brought to us by a mortgage broker that had a good relationship with the borrower. The property is located on 7.5 acres on waterfront property in Sands Point, NY. The property had several structures on it including a large main house and a detached three car garage with living quarters over it. Our borrower had this property under contract for $5.75 Million. Given the size and location of the property, we were quickly able to get comfortable with the value. Sands Point, NY land is typically valued at over $1m per acre.
The property was in overall good condition. Our borrower only needed to make light cosmetic updates. We estimated the budget at $200,000. Once renovated, our borrower will either be renting this property out or flipping it for a profit.
“Given the size of the purchase, this deal was bit outside of the box for us.” commented John Femenia. “However, given our local knowledge of the north shore of Long Island, we were able to get comfortable with the bridge loan amount being higher than our normal limits for a single-family property” further commented John Femenia.
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