Fix and Flip Loan- $2.75M

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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