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NJ Hard Money Lender: Denville Fix & Flip Loan

Address: Denville, NJ
Borrower Profile: Experienced Investor
Work Description: Renovation Of 2 Single Family Properties
Purchase Price: $420,000
Renovation Budget: $170,000
Loan Amount: $501,000
Cash Available for Purchase: $331,000
Cash Available for Renovation: $170,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $790,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Denville NJ for a repeat borrower and experienced investor. This loan is a blanket loan, incorporating the purchase and rehab of two separate single family properties on the same street. The first property will get an additional bedroom, making it a 1200 square foot  3 bed / 2 bath. The scope of work also includes new windows, updated electrical system and HVAC as well as a renovated kitchen. The second property will get an additional half bathroom, resulting in an 1100 square foot 3 bed / 2.5 bath single family home. The scope of work for renovations is similar to the first property, including new windows and HVAC as well as a renovated kitchen.

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