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Hard Money Loan For Fix And Flip In Freehold NJ

Address: Freehold, NJ
Borrower Profile: Experienced Real Estate Professionals
Work Description: Gut Renovation - Single Family
Purchase Price: $320,000
Renovation Budget: $100,000
Loan Amount: $356,000
Cash Available for Purchase: $256,000
Cash Available for Renovation: $100,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $580,000
Situation:

After the original lender dropped the ball, this experienced broker and wholesaler brought the deal to ABL to make sure it closed on time. The borrowers are a brother and sister team, one an experienced real estate agent and the other a long-time general contractor. Asset Based Lending financed a hard money loan for the purchase and rehab of a 5 bed/3 bath home in Freehold, NJ. The 2,792 sqft house is in need of roughly $100,000 worth of work. The scope of work for renovation is extensive and includes a new roof, siding, gutters, windows, and central air system. The investors will also gut the bathrooms and kitchen, open the floor plan, and install or refinish all flooring throughout.

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