201-942-9089 info@abl1.net

Newark NJ Fix And Flip Loan

Address: Newark, New Jersey
Borrower Profile: Repeat Borrower — Highly Experienced Investor
Work Description: Fix and Flip — Single Family
Purchase Price: $440,000
Renovation Budget: $60,000
Loan Amount: $412,000
Cash Available for Purchase: $352,000
Cash Available for Renovation: $60,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $750,000
Situation:

­Asset Based Lending recently funded a property purchase and fix and flip loan  in Newark, New Jersey with a repeat borrower and highly experienced real estate investor. The property was purchased for $440,000 with a renovation budget of $60,000 and a loan amount of $412,000. The exterior of this home will receive paint and clean up, the kitchen will receive new appliances and the bathrooms will be updated with new vanities and light fixtures. With this cosmetic rehab, the borrower anticipates 1-2 months for renovations and one month to sell.