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Hard Money Loan In Montclair NJ For Fix & Flip

Address: Montclair, NJ
Borrower Profile: Experienced Investor & Builder
Work Description: Gut Renovation - Two Family
Purchase Price: $385,000
Renovation Budget: $158,000
Loan Amount: $461,000
Cash Available for Purchase: $303,000
Cash Available for Renovation: $158,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $725,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan for a team of experienced builders and real estate professionals in Montclair, New Jersey. The subject property is a two family home, each unit consisting of approximately 1,725 square feet. The $158,000 scope of work for renovations is extensive – a gut to the studs. The rehab includes opening up the walls to modernize the floorplans, adding new duct work and central air, building a new front porch and deck in the rear, new hardwood flooring throughout, as well as total renovations to the kitchens and bathrooms.

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