23.Apr.2023
We recently closing a large fix and flip loan for an experience real estate investor in Brooklyn, NY. The four family property was purchased for $1.995 million. The property needed to be fully gut renovated. We provided a purchase bridge loan for 80% of the purchase price as well as construction holdback for the $1.2m renovation needed. Our total Loan-to-cost for this deal was just under 85%. The loan to After Repaired Value was just under 60%. Once completed, the property is expected to be worth north of $5 million. The exit from this loan will be a DSCR loan once the property is leased. Full press release for this deal- Digital Journal
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