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NJ Hard Money Lender – Westfield Fix & Flip Loan

Address: Westfield, NJ
Borrower Profile: Experienced Investor
Work Description: Gut Renovation - Single Family
Purchase Price: $430,000
Renovation Budget: $117,000
Loan Amount: $463,000
Cash Available for Purchase: $346,000
Cash Available for Renovation: $117,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $713,000
Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip project in Westfield, New Jersey. The borrower is a professional real estate investor who has purchased and sold over 30 properties, and found this particular deal with the help of a realtor on the MLS. This property is a 2,300 sqft single family split ranch with 4 bedrooms and 2.5 bathrooms. The $117,000 scope of work calls for a near-total gut renovation including replacing garage doors, driveway blacktop, windows, and all exterior doors. For the interior, the basement level will be converted into a family room, all bedrooms will be completely gutted, and all bathrooms as well as the kitchen will be overhauled with higher end appliances.

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