Asset Based Lending recently funded a hard money fix and flip loan in Mount Kisco NY. The borrower is a repeat borrower and full-time real estate investor that acquired the property through a foreclosure auction. The property was purchased for $378,000 with a renovation budget of $80,000 with a total loan funded at 88% LTC. The property is a single-family 3-bedroom, 2-bathroom measured at 1,406 square feet. Renovation will focus mostly on the kitchen and bathroom, including cosmetic updates to the windows, siding, and roof. Kitchen will receive new cabinets, countertops, and stainless-steel appliances. Bathrooms will receive new tubs, vanities, toilets, tiles, and upgraded lighting. Project is expected to take four months with final sale occurring shortly after completion.
The project was completed with a very high level of workmanship in the expected amount of time with full permits and approval paperwork. The property is listed and has undergone one price reduction.
