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Hard Money Loan In Elizabeth NJ For Fix And Flip

Address: Elizabeth, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Three Family
Purchase Price: $249,000
Renovation Budget: $51,000
Loan Amount: $253,000
Cash Available for Purchase: $202,000
Cash Available for Renovation: $51,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $390,000
Situation:

Asset Based Lending is glad to fund another hard money loan in New Jersey for a long-time repeat borrower and very experienced real estate investor. The subject property is a multi-family 3 that consists of two 3 bed / 1 bath units and a 2 bed / 1 bath. The $51,000 scope of work for renovations is mostly cosmetic and includes updating the kitchens and bathrooms, adding a new roof, and other cosmetic improvements throughout. Once the rehab is complete, the borrower plans to refinance into a rental loan to keep the property as an income-producer.

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