Source Realty Capital recently closed a fix and flip bridge loan on a high-end property in Atlantic Highlands, NJ. This is a unique property as it’s situated on the high-lands and has sweeping water views of New York City. Our borrower, an experienced architect, purchased this property for $1.6 million from its current owner. The property had been sitting vacant for a few years and needs updating. Our borrower estimated that the property will need about $300,000 of renovations. Once the renovations are competed, the borrower will list the property for north of $3M.
“This was a great deal for us, as the borrower wanted to put significant equity into the deal at closing. The borrower put down about $600k at closing, which is always a great thing from a lending perspective.” commented John Femenia. “Furthermore, our borrower was a local guy with extensive experience in both real estate investing as well as architecture. We love working with experienced borrowers that know their area” further commented John Femenia.
Link to press release.
Check out our blog for more updates.