Asset Based Lending is proud to celebrate our borrower’s successful real estate investments and our loan officers who facilitate that success. ABL will be highlighting our loan officer’s favorite deal each month, going through the details that made it a win and how our experts navigated the process.

The Deal: Fix & Flip Loan In Tuxedo Park, NY

Our first deal of the month comes from Nik Gak, who closed the deal for a fix and flip loan in Tuxedo Park, NY. The fix and flip property was purchased for $480,000 with a renovation budget of $105,400 funded at nearly 85% LTC. The property is a 5000 sq foot single-family home built in the 1920s that will be renovated with updated bathrooms, two upgraded kitchens, roof and gutter repairs, and tile floor replacements. Based on the detailed renovation plan, this 7-bedroom, 4-bath property has an ARV of $950,000. The borrower is a first-time borrower for ABL with only one previous fix and flip, but Nik realized the borrower’s rehab and economic plan made sense and was able to close the deal.

Tuxedo Park is in Orange County NY, right on the border of Rockland County- a growing hot spot for fix and flips. It’s a small village in the town of Tuxedo, home to less than 1,000 people but starting to grow due to 2020’s real estate shakeup in the New York metro area. Highlighted by several beautiful lakes and its close-knit community of only 300 homes, Tuxedo Park attracts home buyers looking for a mix of privacy and leisure in their daily life. As of October 2020, the Orange County and Rockland County areas are looking like positive investments for both fix and flips and new construction projects.
Nik did the research and realized how special Tuxedo Park is, as it formerly housed historical legends and aristocrats.
[su_quote]“I liked taking part in the revival of this community, considering its history. Mark Twain lived there!”[/su_quote]
The homes of this Gilded Age community feature a unique architectural style and presentation, which required special consideration for the home’s appraisal- a fun challenge for our loan officer to overcome.
Nik has been part of the ABL team for two years now and enjoys the well-designed spaces and beautiful structures that his borrowers bring to life. If you’re looking for hard money loans in New York for new construction or fix and flips contact Nik Gak today by calling 201-942-9089.

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Real Reviews from Real Borrowers

 

Great experience! They always answered or returned my calls immediately and walked me through the entire process and made sure all my questions were answered. I had a couple of questions weeks after my loan closed and they still responded immediately and made sure I was taken care of. Great experience and I would highly recommend ABL.

Cindy G.

I am glad I got to know Asset Based Lending, they made funding for my construction site very simple. They have a great team of people, that would go out of their way to help. Boris has been great and very helpful, I highly recommend them for all your Construction financing needs.

Mike A.

I have had the pleasure of working with Boris Akbashev for my real estate financing needs on my last 10-15 projects, and I cannot speak highly enough of his professionalism and expertise. Boris demonstrated a deep understanding of the lending process and went above and beyond to ensure I secured the best possible terms.

John S.

Truly a pleasure having ABL on every deal! Thanks to their lending expertise and timely support and guidance throughout the process to get the best loan for my deals. I can see my company growth from 1-2 flips to numerous flips, new construction, and DSCR loan to grow my portfolio.

Pedro E.

Asset Based Lending is the place to shop for all your construction needs. Their easy funding policy, makes life so much simpler for any builder to focus on building and not be worried about financing project. Boris was supper helpful to accommodate me with all me financing needs.

Ray P.