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Hard Money Loan For Fix And Flip In Springfield NJ

Address: Springfield, NJ
Borrower Profile: First Time Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $370,000
Renovation Budget: $50,000
Loan Amount: $331,000
Cash Available for Purchase: $261,140
Cash Available for Renovation: $50,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $510,000
Situation:

Asset Based Lending recently closed a hard money fix and flip loan for a first time investor purchasing a single family home in Springfield, New Jersey. The investor, a full time financial manager, met ABL at a local REIA and came to us in order to finance the purchase and rehab of a 1,395 square foot single family home with 4 bedrooms and 2 bathrooms. The $50,000 scope of work for renovations will be managed by a licensed and insured General Contractor, and includes modernizing the floor plan, removing the extra kitchen in the basement, upgrading the proper kitchen, adding a master bathroom, and other cosmetic upgrades throughout.

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