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Franklin New Jersey Fix And Flip Hard Money Loan

Address: Franklin, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $265,000
Renovation Budget: $115,920
Loan Amount: $339,000
Cash Available for Purchase: $223,080
Cash Available for Renovation: $115,920
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $503,000
Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Franklin New Jersey. The borrower is a repeat borrower and experienced builder & full-time real estate investor. The property was purchased for $265,000 with a renovation budget of $115,920 with total loan funded at 89% LTC. The property is a single-family 3-bedroom, 1-bathroom measured at 1,712 square feet. Renovation will add another bathroom to transform the property to 3-bedroom, 2-bathroom. Kitchen will be relocated on the first floor to make room for new bathroom and laundry room. New HVAC unit will be installed, along with 21 new windows and refinishing the original pine floors. Project is expected to take between two and three months with final sale occurring within 60 days of completion.

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