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Hard Money Loan For Fix And Flip In Gardwood NJ

Address: Garwood, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $285,450
Renovation Budget: $92,000
Loan Amount: $340,000
Cash Available for Purchase: $248,000
Cash Available for Renovation: $92,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $500,000

Asset Based Lending recently funded a hard money loan for a repeat borrower and experienced investor purchasing a fix and flip in Garwood, New Jersey. The subject property is a 3 bedroom 1.5 bathroom 1650 square foot single family property purchased out of an estate sale. The $92,000 scope of work for renovations includes upgrading the electrical and HVAC systems, improving the plumbing, and gutting the kitchen and bathrooms. ABL was able to finance this property at 87% of purchase and 100% of rehab.

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