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Hard Money Loan In Orange NJ For Fix And Flip

Address: Orange, NJ
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $175,000
Renovation Budget: $60,000
Loan Amount: $191,000
Cash Available for Purchase: $131,000
Cash Available for Renovation: $60,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $296,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Orange NJ for a first-time borrower with previous real estate investing experience. The property was purchased for $175,000 with a renovation budget of $60,000 with total loan funded at 81% LTC. The property is a 2-bedroom, 2-bathroom single-family detached measured at 1656 square feet and will be undergoing gut renovations to transform the property into a 4-bedroom, 3-bathroom. The exterior will be updated including new gutters, new windows, new fencing, and new siding. Interior renovations will focus on the kitchen and existing bathroom, along with the new room additions. Both the kitchen and bathroom will receive new cabinets, vanities, and appliances. Renovations are expected to take less than two months, with home sale expected within 60 days after completion.

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