Listing photoSmithtown, NY 11787 · MLS 1053453
"NO INTERIOR ACCESS OR SHOWINGS. OCCUPIED PROPERTY. PLEASE DO NOT DISTURB OCCUPANTS. Property is being sold strictly as is. CASH OFFERS ONLY."
45 Summit Dr is a 4-bedroom, 2-bath home in Smithtown, New York listed at $399,000 with 2,500 square feet, built in 1964. 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 ($39,900), we fund the $112,500 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. NO INTERIOR ACCESS OR SHOWINGS. OCCUPIED PROPERTY. PLEASE DO NOT DISTURB OCCUPANTS. Property is being sold strictly as is. CASH OFFERS ONLY. Because interior access is unavailable, information regarding the propertys condition, layout, room count, features, and other characteristics has been obtained from public/tax records and/or estimated where necessary.
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 | Yes | |
| Buyer down payment | $39,900 (10%) | |
| Loan at closing | $359,100 | |
| Cosmetic renovation, rough estimate* | We fund $112,500 | |
| Total loan | $471,600 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($7,074) | |
| Appraisal | Required | |
| Estimated monthly interest | $3,832 at full draw | |
| Cash to close, rough estimate | $51,364 | |
Rough estimates at the list price of $399,000 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 $45 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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