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Hard Money Fix And Flip Loan In Kearny NJ

Address: Kearny, NJ
Borrower Profile: First Time Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $157,447
Renovation Budget: $30,000
Loan Amount: $155,000
Cash Available for Purchase: $116,480
Cash Available for Renovation: $30,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $263,000
Sale Price: $285,000
Time To Pay Off: 6 Months
Situation:

The borrower is a first-time real estate investor that found the property for sale on Auction.com. The investor considered holding the property as an income producing asset but decided to sell. Renovations were mostly cosmetic, covering repairs such as fixing broken windows, fresh paint and plastering for all trims, sanding and painting all cabinets, and updates to interior and exterior doors. Vinyl flooring was installed in the kitchen, bathroom, and living room while carpet flooring was installed in the bedrooms, hallways, and stairs. The plumbing system was improved and both the sinks and faucets in the bathroom and kitchen were replaced, as well as an electric heat board added to the home’s office room. The deal closing and renovations both occurred during COVID, adding a level complexity to this fix and flip loan in New Jersey.

Outcome:

The property was put under contract shortly after renovations were complete for well-above the estimated ARV. This deal marked an excellent first real estate investment for our borrower, who is now looking for more deals to invest in with Asset Based Lending.

Hard money fix and flip loans in New Jersey
Bathroom - Before
Bathroom - After
Kitchen - Before
fix and flip loans in NJ
Kitchen - After
fix and flip lenders NJ
Bedroom - Before
Bedroom - After
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