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Jersey City NJ Fix And Flip Hard Money Loan

Address: Jersey City, NJ
Borrower Profile: Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $300,000
Renovation Budget: $50,000
Loan Amount: $305,000
Cash Available for Purchase: $255,000
Cash Available for Renovation: $50,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $446,000
Situation:

Asset Based Lending recently funded a hard money loan for a partially completed fix and flip project in Jersey City, New Jersey. The investor is buying the project from the previous owner who started the work, but the 2,300 sqft single family home still needs another $50,000 worth of renovations. The scope of work includes installing new floors throughout, gutting the kitchen and bathrooms, and finishing the home with higher end appliances and furnishings.

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