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Hard Money Loan For Fix And Flip In Nutley NJ

Address: Nutley, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $315,000
Renovation Budget: $120,000
Loan Amount: $387,000
Cash Available for Purchase: $267,000
Cash Available for Renovation: $120,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $577,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Nutley NJ for a repeat borrower with previous real estate investing experience. The project will be updating a multi-family home purchased for $315,000 with a renovation budget of $120,000 funded at 89% LTC and 67% ARV. The two-family home is separated into two units at a total 2200 square feet of space, with one unit being a 2-bedroom, 1 bath and the other unit being a 4-bedroom, 1 bath. Updates will be both interior and exterior, with exterior updates including landscaping, power washing, and a new gravel driveway. Interior updates will include finishing the basement, completely new kitchen and bathroom gut renovations, brand new hardwood flooring, and high end finishes. ABL is passionate about providing the most reliable hard money loans for fix and flips New Jersey has to offer.

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