Hard Money Loan For Gut Renovation In Jersey City NJ
Address: Jersey City, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $205,000
Renovation Budget: $150,000
Loan Amount: $319,000
Cash Available for Purchase: $169,000
Cash Available for Renovation: $150,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $525,000
Sale Price: $649,000 (Listed)
Front – Before
Front – After
Situation:
Asset Based Lending recently funded a hard money loan for a team of experienced developers and multiple-time repeat borrowers. The $319,000 loan is a full gut renovation down to the studs of a multi-family 2 in Jersey City, NJ. The subject property is a 2,058 square foot home with 1 3 bed / 1 bath unit and 1 3 bed / 2 bath unit. The $150,000 renovation includes a total overhaul of the property including reorganizing the floorplan to move the kitchens and bedrooms and open the layout.
Outcome:
Kitchen – Before
Bathroom – Before
Interior – Before
Kitchen – After
Bathroom – After
Interior – After
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