Hard Money Loan For Fix And Flip In Paterson NJ
Address: Paterson, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Multi-Family 3
Purchase Price: $115,000
Renovation Budget: $130,000
Loan Amount: $208,000
Cash Available for Purchase: $78,000
Cash Available for Renovation: $130,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $325,000
Situation:
Asset Based Lending recently financed a hard money loan for a fix and flip project in Paterson, NJ. The investor, on his 4th deal with ABL, purchased the property as a short-sale in need of $130,000 worth of work. The scope of work for rehab includes a full gut renovation of the 2,850 square foot three-family house, with 3 units each consisting of 3 bedrooms and 1 bathroom.
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