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Hard Money Loan In Montclair NJ For Fix & Flip

Address: Montclair, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $540,000
Renovation Budget: $252,000
Loan Amount: $633,000
Cash Available for Purchase: $362,000
Cash Available for Renovation: $252,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $1,375,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Montclair, NJ for a team of repeat borrowers and experienced real estate investors. The subject property is a 3300 square foot single family home with 6 bedrooms, 5 full bathrooms, and 2 half baths with a 2 car garage on half an acre. The $252,000 scope of work for renovations is extensive and includes adding square footage to the first floor, gutting the kitchen and bathrooms, a new roof, new windows, oil tank removal, and other cosmetic upgrades throughout.

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