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Hard Money Loan For Multi Family Fix And Flip In NJ

Address: Irvington, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Purchase Only - Multi Family
Purchase Price: $291,000
Renovation Budget: $0
Loan Amount: $180,000
Cash Available for Purchase: $171,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase Only
ARV: $300,000 (as-is)

Asset Based Lending recently funded a hard money fix and flip loan for a multi-family 3 in Irvington, NJ for a repeat borrower. The borrower had financing lined up with a conventional lender who backed out at the last minute, so ABL was asked to rescue the deal. The subject property is a fully occupied double lot, with a buildable area for the future. Fully rented as-is, the property needs little to no renovations. The borrower intends to transition the property to a long term rental loan soon after acquisition, and hold the property for his rental portfolio.

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