201-942-9089 info@abl1.net

Hard Money New Construction Loan in Plainfield, NJ

Address: Plainfield, NJ
Borrower Profile: New Investors
Work Description: New Construction - Single Family
Purchase Price: $110,000
Renovation Budget: $40,000
Loan Amount: $127,000
Cash Available for Purchase: $87,000
Cash Available for Renovation: 40,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $219,000

Situation:

This fix and flip couple were looking for their perfect first investment for a year before they finally found it in Plainfield, New Jersey. To get this 1500 sq ft home ready for its future owners, they will finish the basement and add a bathroom, widen the driveway, add two windows, and install gutters. They found the partially completed property through a real estate agent after the previous builder ran out of money midway through the project. By obtaining a hard money loan and planning for twice as much work as they expect to complete, this team is ensuring that they will have more than enough cash to finish the job.