Asset Based Lending recently funded a hard money fix and flip loan in New Hyde Park New York. The property was purchased for $580,000 with a renovation budget of $351,700 and total loan funded at 85% LTC. The property is a single-family 3-bedroom, 2-bathroom measured at 1,215 square feet that will be converted to a 4-bedroom, 3.5-bathroom measured at 2,400 square feet. The entire first floor layout is being shifted, with walls being removed to open up the kitchen and living room. First floor bedroom and bathroom are also being shifted to the back of the home, where the addition is taking place. Kitchen will receive new shaker cabinets, quartz countertops, premium appliances, and center island that seats six. Roof is being removed to expand the second floor, which will consist of 3 bedrooms and 1 full bathroom. Project is expected to take 12 months with final sale occurring shortly after completion.
