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Cranford New Jersey Hard Money Fix & Flip Loan

Address: Cranford, NJ
Borrower Profile: Repeat Borrower – Highly Experienced Investor & Builder
Work Description: Major Cosmetic – Single-Family
Purchase Price: $315,000
Renovation Budget: $75,000
Loan Amount: $342,000
Cash Available for Purchase: $267,000
Cash Available for Renovation: $75,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $510,000
Situation:

Asset Based Lending recently funded a fix & flip hard money loan in Cranford New Jersey. The borrower is a repeat borrower and highly experienced real estate investor. The property was purchased for $315,000 with a renovation budget of $75,000 and total loan funded at nearly 88% LTC. This property is currently a single-family 3-bedroom, 1-bathroom measured at approximately 1,000 square feet that will be updated to 3-bedroom, 2-bathroom. Focus will be primarily on the kitchen and bathrooms, with kitchen receiving new cabinets, granite countertops, and appliances packages. Baths will be highlighted by new granite vanities. Other cosmetic updates will include fresh paint for the interior and exterior, as well as refinish existing hardwood floors. Renovation is expected to take between two and three months, with final sale occurring within two or three months after completion.

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