BROOKLYN, NEW YORK – APRIL 19, 2023 – Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $2,75,000 fix and flip loan to purchase and renovate a four-family property in Bedford-Stuyvesant area of Brooklyn. Source Realty Capital, through its network of brokers, real estate agents and experienced borrowers, originates real estate loans for experienced real estate investors. These loans consist of both short-term bridge loans for investors looking to purchase and renovate properties, as well as long-term financing options for investment rental properties.
The 18-month, fixed rate bridge loan was used to close the purchase of the four-family property as well as the subsequent renovations that will be needed to update the units. The purchase price of the property was $1,995,000. The fix and flip bridge loan provided represented an 85% LTC of the project. The property is in Brooklyn, NY on the border of Clinton Hill and Bedford-Stuyvesant. The four-family property is 3,600 sqft and has a total of 10 bedrooms and eight baths.
Our borrower will be completing an approximately $1,200,000 renovation of the property. The inside of the property will be gut renovated, with all four units updated with new windows, doors, bathrooms and gourmet kitchens. Additionally, our borrower will significantly improve the outdoor areas of the property, adding private outdoor spaces to all the units. Once complete, our borrower expects to receive top-of-the-market rent for these units.
“We’re excited to be financing this amazing fix and flip project for one of our repeat borrowers.” John Femenia, founder and principal of Source Realty Capital. “This is a great asset in a beautiful part of Brooklyn, and we’re looking forward to see the finished product. Our borrower has completed several similar projects in the area, and they all seem to have come out better than the last! This project will be a perfect example of the BRRR strategy” further commented John Femenia.
ABOUT SOURCE REALTY CAPITAL
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. Source Realty Capital focuses exclusively on 1-4 family and small balance multi-family properties, carving out a niche for itself and effectively delivering capital to experienced real estate investors. Source Realty Capital has originated over $200 million of private money real estate loans.
Source Realty Capital’s founder, John Femenia, has over 15 years of finance experience. Prior to forming Source Realty Capital, John was focused on raising capital for the shipping and maritime industries, where he raised over $2 billion of equity and debt capital. At Source Realty Capital, John is focused on using his finance experience to assist real estate investors in raising capital for their deals. John has an undergraduate degree in engineering from the United States Merchant Marine Academy, and MBA in finance Columbia Business School.
Media Contact
Company Name: Source Realty Capital
Contact Person: John Femenia
Email: Send Email
City: Greenvale
State: NY
Country: United States
Website: www.sourcerealtycapital.com