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Moonachie NJ Fix And Flip Loan

Address: Moonachie, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $315,000
Renovation Budget: 59,000
Loan Amount: $326,000
Cash Available for Purchase: $267,000
Cash Available for Renovation: $59,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $486,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Moonachie NJ for an experienced repeat borrower. The property was purchased for $315,000 with a renovation budget of $59,000 and total loan funded at 87% LTC.  The investor’s exit strategy is to refinance the loan with ABL’s rental loan program and keep the property. The property is a single-family home measured at 2016 square feet featuring 4-bedrooms and 2-bathrooms. Interior renovations are substantial, with the kitchen being completely gutted and replaced. A brand-new HVAC system will also be installed. Exterior renovations include new roofing, replacing windows, and power washing the siding. Basement will be kept unfinished to remain in line with the area’s other properties.

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