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Everett Massachusetts Fix And Flip Hard Money Loan

Address: Everett, MA
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: Cosmetic Rehab – Multi-Family 3
Purchase Price: $908,190
Renovation Budget: $56,900
Loan Amount: $768,000
Cash Available for Purchase: $711,100
Cash Available for Renovation: $56,900
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $1,025,000
Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Everett Massachusetts. The borrower is a first-time borrower that is a full-time real estate investor. The property was purchased for $908,190 with a renovation budget of $56,900 and total loan funded at 80% LTC and 75% LTV. The property is a 3-unit multi-family with each unit being an identical 2-bedroom, 1-bathroom measured at a combined 3,468 square feet. The borrower will continue holding the property as an income-producing asset through our rental refinance program. Renovation will be mostly cosmetic updates to the bathrooms and kitchens. Biggest change will see the dining room converted into a living room, and the existing living room converted into an additional bedroom to transform the units into 3-bedroom, 1-bathroom. Renovation is expected to take 30 days.

Hard money loan for fix and flip in MA
MA hard money loans
Hard money fix and flip loans in Massachusetts
Massachusetts hard money loan
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