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Hard Money Fix and Flip Loan in Passaic, NJ

Address: Passaic, NJ
Work Description: Fix and Flip - Multi Family
Purchase Price: $302,000
Renovation Budget: $15,000
Loan Amount: $257,000
Cash Available for Purchase: $242,000
Cash Available for Renovation: $15,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $390,000

Situation:

Our borrower snatched up this fix and flip property at a foreclosure auction. He plans to have it fixed and back on the market within two months, and the two-family home is in such good shape that he should not have a problem. To make it more desirable, he will replace flooring, paint the exterior, deep clean the house, and apply some cosmetic fixes to the bathrooms and the first floor kitchen.