201-942-9089 info@abl1.net

Montclair NJ Hard Money Fix And Flip Loan

Address: Montclair, NJ
Borrower Profile: Experienced Investor
Purchase Price: $219,000
Renovation Budget: $80,000
Loan Amount: $237,000
Cash Available for Purchase: $175,000
Cash Available for Renovation: $62,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $422,000

Situation:

This experienced investor came to Asset Based Lending looking for a reputable hard money lender for fund their fix and flip projects in New Jersey after years of experience in the Florida real estate market. The investor interviewed several contractors, and ultimately selected one they found at a local REIA. The scope of work for renovations includes a full gut of the kitchen and bathroom, addition of a new bathroom, mold remediation, and some electrical and plumbing system upgrades.