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NJ Hard Money Lender – Springfield Cash Out & Rehab

Address: Springfield, NJ
Borrower Profile: Repeat Borrower
Work Description: Gut Renovation - Single Family
Purchase Price: $344,930
Renovation Budget: $119,000
Loan Amount: $308,000
Cash Available for Purchase: $189,000 (Cash Out)
Cash Available for Renovation: $119,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out & Rehabilitation
ARV: $535,000
Situation:

Asset Based Lending recently funded a cash out and rehab hard money loan for a repeat borrower in Springfield, New Jersey. The property was originally purchased through a wholesaler, with the plan to complete a simple cosmetic rehab and flip it. However, after some additional research, the investor found that recently gutted properties in the local area were selling for much higher prices and decided to expand the scope of her renovation. The scope of work for for this 2,000 sqft single family home includes a complete overhaul of the 4 bedrooms, 2.5 bathrooms, kitchen, and floor. The investor will also be installing a new HVAC system and garage doors.

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