201-942-9089 info@abl1.net

Hackensack New Jersey Fix And Flip Loan

Address: Hackensack, NJ
Borrower Profile: First-Time Borrower — Experienced Real Estate Investor
Work Description: Residential Conversion & Addition — Multifamily 31
Purchase Price: $1,800,000
Renovation Budget: $5,088,289
Loan Amount: $5,750,000
Cash Available for Purchase: $913,711
Cash Available for Renovation: $4,836,289
Loan Structure: 24 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $11,700,000

Asset Based Lending recently funded a hard money fix and flip loan in Hackensack New Jersey. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $1,800,000 with a renovation budget of $5,088,289 and total loan funded at 83% LTC. The property is currently a cleared out commercial building that will be converted into a residential space and will include a vertical addition for a total of six floors. Due to the scope of work needed, ABL granted a 24-month loan instead of the typical 12-month terms. Entire square footage for the property will be approximately 36,000 square feet, with 26,000 square feet as rentable area. Floorplans will have a variety of options ranging from studios to two-bedrooms of different sizes. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Property amenities will include gym, lounge, mail room, roof deck, and laundry. Units will be highlighted by high-ceilings, mid-grade finishes, LVT flooring, and kitchens with stone countertops. Project is expected to take over 12 months with leases starting to be put into place as renovation is completed.