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Hard Money Blanket Loan In Paterson NJ

Address: Paterson, NJ
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: Fix & Flip - (2) Multi-Families
Purchase Price: $306,000
Renovation Budget: $27,000
Loan Amount: $271,000
Cash Available for Purchase: $244,000
Cash Available for Renovation: $27,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $545,000
Situation:

Asset Based Lending recently funded a hard money blanket loan for the purchase and rehab of two properties in Paterson, NJ. The loan involves the purchase of a two-family property in need of minor rehab, in addition to a mixed-use property being converted into a three-family. The borrower is an experienced investor and repeat ABL borrower who plans on utilizing ABL’s renovate to rent program in order to keep the finished properties for rental income.

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