fix and flip investment properties

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Jersey City New Jersey Fix And Flip Hard Money Loan

Address: Jersey City, NJ
Borrower Profile: Repeat Borrower – Full-Time Real Investor
Work Description: Demolish & Rebuild – Condo Multi-Unit
Purchase Price: $677,000
Renovation Budget: $475,500
Loan Amount: $949,000
Cash Available for Purchase: $473,500
Cash Available for Renovation: $475,500
Loan Structure: 18 Months Interest Only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $1,467,000
Situation:

Asset Based Lending recently funded a fix and flip loan in Jersey City New Jersey. The borrower is a repeat borrower and full-time real estate investor. Due to the borrower’s experience level and ongoing relationship with ABL, they were granted an extended 18-month loan instead of the typical 12 months. The property was purchased for $677,000 with a renovation budget of $475,500 and total loan funded at 82% LTC. The existing property will be demolished and become a two-unit or three-unit condo depending on permits. Each unit will be 3-bedroom, 2-bathroom measured at a total 4,422 square feet. Units will receive high-end finishes and feature hardwood floors, 10-foot-high ceilings, large open-window façade, and new appliances in the kitchens. Renovation is expected to take between eight and ten months with final sale occurring within two months of project completion.

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