A Fix and Lease Project in Eastport, NY!

First time investor looking to purchase, rehab, and hold a property located in Eastport, NY for rental income. Subject property is a single-family rental acquired for $640k and has a projected ARV of $750k. Once renovated, the property will generate an estimated market rent of $3,900/month. Sponsor on the loan has good credit and bank statements reflect sufficient liquidity to meet the reserve requirement for the deal. Loan structured at 75% LTC & 72% LTV with the total loan amount at 70% of ARV.