201-942-9089 info@abl1.net

Jersey City New Jersey Fix And Flip Loan

Address: Jersey City, New Jersey
Borrower Profile: Repeat Borrower — Experienced Investor
Work Description: Fix and Flip — Multifamily
Purchase Price: $690,000
Renovation Budget: $436,000
Loan Amount: $1,013,000
Cash Available for Purchase: $577,000
Cash Available for Renovation: $436,000
Loan Structure: 18 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $1,650,000

­­Asset Based Lending recently funded a fix and flip loan to a repeat borrower and experienced real estate investor in Jersey City New Jersey. This investor is a full-time real estate developer and has completed 10 deals with ABL in the last 3 years. The scope of work for this project includes updating the façade of the building with brick veneer, vinyl siding, and a new roof. For the interior, the borrower will update the flooring by installing hardwood throughout. In the kitchens, the borrower will install stainless steel appliances, new tile backsplash, and quartz countertops including a waterfall island. For this project, the borrower is expecting the renovations to take 12 months, at which time they will list the property for final sale.