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Hard Money Loan For Fix And Flip In Maplewood NJ

Address: Maplewood, NJ
Borrower Profile: Experienced Investor
Work Description: Fix & Flip - Mixed Use
Purchase Price: $550,000
Renovation Budget: $45,000
Loan Amount: $370,000
Cash Available for Purchase: $325,000
Cash Available for Renovation: $45,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $640,000
Situation:

Asset Based Lending recently funded a hard money blanket loan for the purchase and rehab of a mixed use property in Maplewood, NJ. The borrower, an experienced real estate investor and real estate agent, is using some of the equity in a free and clear investment property in Clementon NJ to help fund the down payment for the Maplewood project. The mixed use property consists of 3 commercial units and 2 residential. The $45,000 rehab budget will be used to renovate the residential units and 1 of the commercial units including new flooring, upgrading the electrical system, repairing sheetrock, and other updates throughout.

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