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Hard Money Loan For Middletown NJ Fix & Flip

Address: Middletown, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $250,000
Renovation Budget: $113,000
Loan Amount: $325,000
Cash Available for Purchase: $212,000
Cash Available for Renovation: $113,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $525,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Middletown NJ for a repeat borrower with extensive real estate investing and construction experience. The property was purchased for $250,000 with a renovation budget of $113,000 and total loan funded at 90% LTC. The investor plans to sell the property for approximately $525,000 upon completion. The property is a single-family detached home measured at nearly 2200 square feet featuring 4 bedrooms and 2 bathrooms. The original homeowners unfortunately dealt with a bad general contractor, leaving majority of the property a shell in need of finishing. The square footage and footprint will remain the same, but floorplan is being changed. Mid-grade finishes will be applied to the kitchen and bathrooms, and all further renovations will follow previous property plans.

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