Hard Money Fix And Flip Loan In Scotch Plains New Jersey
The borrower is a repeat borrower with ABL and an experienced real estate investor that purchased the property from an estate sale. As a full-time licensed general contractor who completed several homes in the nearby area, the borrower was comfortable managing the renovations from start to finish. The property is a single family 3-bedroom, 2.5-bathroom measured at 1412 square feet and underwent gut renovations to its kitchen and bathrooms. Interior rehab also included cosmetic changes such as new hardwood floors throughout the home, new moldings and doors, and upgrades to the lighting and outlets. Exterior upgrades were strictly cosmetic, with new vinyl siding, new gutters, new large windows, and new exterior doors. ABL funded this project with a 90% LTC hard money fix and flip loan. Renovations were expected to take 6 months.
The borrower did an outstanding job with the renovations, creating a beautiful piece of New Jersey real estate. The home sold for over 30% above the appraisal price- $720,000. The borrower paid off the loan after only 7 months without incurring a prepayment penalty and is already thinking about their next real estate investment with ABL.