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Real Estate Hot Zone – Newburgh, New York

Over the last twelve months, Sharestates has noticed an increase in loan applications and closings for properties located in the city of Newburgh in Orange County, New York. Newburgh is a diverse city located in the Hudson Valley with a population of 28,177 people as of 2019. In the recent press, The New York Times describes Newburgh as, “Discontinuous, dynamic and detailed, Newburgh changes from block to block. It is historically, economically, and architecturally kaleidoscopic.”

According to Realtor.com, the median list price of a home in Newburgh in January 2021 is $275,000 with an average of 105 days on the market and a median rent price of $1,540. Newburgh contains many value-add opportunities for real estate developers. Since the early days of the COVID-19 pandemic, there has been a surge of New York City residents looking to move out of the city into more suburban and less populated areas. Orange County, New York saw the second-largest increase in year-over-year sales.


Sharestates Real Estate Activity in Newburgh/Hudson Valley

Sharestates has funded 34 Newburgh loans to date for a total funded volume of $13,483,000

  • 14 of the loans funded were for residential properties
  • 16 of the loans funded were for mixed-use properties
  • 4 of the loans funded were for land deals
  • Average loan size: $396,559
  • Average loan to value (LTV): 70%
  • Average renovation budget: $1774,794
  • Average after-repair value (ARV): 54% or $3,911,167

Residential Recently Funded in Newburgh

The first residential project presented below closed on January 6, 2021. The borrower acquired the property with the intent to “fix and flip” the units. The loan is for 18 months. The renovation includes demolition, flooring, electrical, plumbing, stairs, windows, insulation, decking, framing, bathroom fixtures, and more.

  • Appraised value: $135,000
  • Loan amount: $232,000
  • LTV: 80%
  • After-repair value: $375,000
  • ARV: 62%

Pre-construction exterior appearance

Post-construction rendering

The next recently funded project by Sharestates is a mixed-use (2 residential & 1 commercial unit) real estate loan. The borrower acquired the property with the goal to “fix and flip” the property. The borrower has a renovation budget of $179,500 which includes everything from stairs, plumbing, electrical, doors, painting, trash removal, windows, plumbing fixtures, bathroom accessories, and more.

    • Appraised value: $250,000
    • Loan amount: $292,000
    • LTV: 80%
    • After-repair value: $450,000
    • ARV: 65%

Pre-construction exterior appearance

post-construction rendering

If you have a project that you would like to submit to Sharestates for consideration, click here. Sharestates is now funding loans in 46 states Nationwide.

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