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.