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Hard Money Loan For Fix And Flip In Scotch Plains NJ

Address: Scotch Plains, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $353,000
Renovation Budget: $245,000
Loan Amount: $538,000
Cash Available for Purchase: $293,000
Cash Available for Renovation: $245,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $880,000
Situation:

Asset Based Lending recently funded a fix and flip loan in Scotch Plains NJ for an exceptionally experienced repeat borrower and real estate investor. The project is an “add-a-level” fix and flip purchased for $353,000 with a $245,000 renovation budget funded at 90% LTC. The subject property is a 1,250 square foot single family cape that will have a 2nd level added to become a 2,650 square foot 5 bed / 4.5 bath with a finished attic. The finished home will have a finished basement, family room, all new HVAC and plumbing, a 1-car garage, new hardwood flooring and modern finishes throughout.

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