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Garwood New Jersey Hard Money Fix And Flip Loan

Address: Garwood, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Vertical Addition - Single Family
Purchase Price: $242,000
Renovation Budget: $183,279
Loan Amount: $382,000
Cash Available for Purchase: $198,721
Cash Available for Renovation: $183,279
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $630,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Garwood New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $242,000 with a renovation budget of $183,279 and total loan funded at 90% LTC. This property is a single-family 3-bedroom, 2-bathroom that will receive a vertical addition and transform into 4-bedroom, 2.5 bathroom measured at 2,335 square feet. Renovation is expected to take three months with final sale occurring shortly after completion.

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