New York Hard Money Deal - Close

770

1 deal

New York

I am a 25% beneficiary in a Family Trust. The Trust owns the house and I am "in contract" to buy the house from the Family Trust for $512,000. The house has an "as is" market price of $570,000. I have a $10,00 down payment being held in the Trust Attorney's escrow account. I am also using my beneficiary equity of $128,000 (based on sales price of $512,000) to have a total down payment of $138,000 which leaves a purchase loan of $374,000. I will do a $25,000 update to the house adding a half bath and 1 full bath which makes the total loan to be $399,000. The foot print of the house will be unchanged with no external construction. The proposed bathrooms will be a simple project because the locations of the bathrooms will be adjacent to existing plumbing and vent lines. The ARV of the house will be a minimum of $680,000. I was born and grew up in the house so there are no surprises to be found during updating. The house is located in Sea Cliff, Long Island, NY which is an exclusive 1 square mile Village. I have experience doing plumbing, electrical and carpentry work and will be hiring a contractor for the updating. Plan to sell the house once work is complete.