Brooklyn, NY 11207
"Terms & Disclosures: INVESTORS, CASH, OR HARD MONEY BUYERS ONLY. Property will be delivered completely AS-IS."
538 Hendrix St is a 3-bath home in Brooklyn, New York listed at $999,999 with 2,394 square feet, built in 1901. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with at least one completed project puts 10% down ($100,000), we fund the $263,340 renovation estimate in draws, and the loan closes in 2 weeks. A first flip puts 20% down. See every hard money opportunity in New York or our New York hard money lending page.
From the listing. DEVELOPER ALERT: R5 Zoning Blockbuster - Grandfathered 2.42 FAR Multifamily in East New York. Legally classified as a 2-Family home but currently operating as a high-income 3-Family setup. Unit 1: 3-Bedroom, Unit 2: 2-Bedroom, Unit 3: 2-Bedroom, 3 Full Baths (one per unit). Terms & Disclosures: INVESTORS, CASH, OR HARD MONEY BUYERS ONLY. Property will be delivered completely AS-IS.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Pre-screen | |
| Buyer down payment | $100,000 (10%) | |
| Loan at closing | $899,999 | |
| Full renovation, rough estimate* | We fund $263,340 | |
| Total loan | $1,163,339 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($17,450) | |
| Appraisal | Required | |
| Estimated monthly interest | $9,452 at full draw | |
| Cash to close, rough estimate | $121,840 | |
Rough estimates at the list price of $999,999 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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"The property needs TLC, presenting an excellent opportunity to renovate and create your ideal home."
"The existing 20' × 80' structure requires TLC and has sustained partial fire damage, while the property’s R7A zoning, oversized lot dimensions, and wide shared driveway with parking for multiple vehicles create a compelling opportunity for an investor, developer, or end user."
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