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Clifton NJ Fix And Flip Hard Money Loan

Address: Clifton, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Layout Change & Rehab - Single Family
Purchase Price: $301,570.50
Renovation Budget: $55,000
Loan Amount: $303,000
Cash Available for Purchase: $248,000
Cash Available for Renovation: $55,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $433,000

Asset Based Lending recently funded a fix & flip hard money loan in Clifton NJ. The borrower is an experienced real estate investor and repeat borrower with ABL. The property was purchased for $301,570.50 with a construction budget of $624,150 and total loan funded at nearly 85% LTC and 70% ARV. The property is currently a single-family 2-bedroom, 1.5-bathroom that will be updated to a 3-bedroom, 1.5-bathroom measured at total square footage of 2,054. The first floor will be remodeled to become open concept with most of the rehab focusing on the bathroom and kitchen areas. Kitchen will receive new shaker cabinets, quartz countertops, and new appliances. Bathroom will lose its tub and be replaced with a stand-up shower. Other updates include window repair, refinishing hardwood floors, and more. Estimated time for rehab is 45 days with final expected within 45 days from that.

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