201-942-9089 info@abl1.net

Elmer New Jersey Fix And Flip Loan

Address: Elmer, NJ
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Fix and Flip — Single Family
Purchase Price: $152,000
Renovation Budget: $145,000
Loan Amount: $267,000
Cash Available for Purchase: $122,000
Cash Available for Renovation: $145,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $420,000
NJ Private money lender
Elmer Fix and Flip

­­­Asset Based Lending recently funded a fix and flip loan to a repeat borrower and full-time real estate investor in Elmer New Jersey. This borrower worked with ABL on multiple projects and completed 3 roundtrips with us in the last 3 years. Based on their previous success, ABL was comfortable funding this project at 90% LTC for a total loan amount of $267,000. For this project the borrower will complete a full gut renovation inside and perform minor updates to the exterior. The existing roof was replaced within the last 10 years, but the borrower is replacing the gutters to ensure proper drainage. The pool requires minor repairs and a new liner, and the landscaping will be cleaned up. All interior mechanicals like plumbing and electrical will be updated and brought to code within the entire home. Renovations to the interior include a complete kitchen remodel with new shaker cabinets, granite countertops, and stainless-steel appliances. Luxury vinyl plank flooring will be installed on the first floor and carpet will be installed in the bedrooms. New fixtures will be installed in the bathrooms as well as vanities, tubs, toilets, and tiles. Renovations are expected to be complete in 6 months at which time the borrower will list this property for final sale.

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