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NJ Hard Money Loan For Fix And Flip In Newark

Address: Newark, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $165,900
Renovation Budget: $113,000
Loan Amount: $250,000
Cash Available for Purchase: $137,000
Cash Available for Renovation: $113,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $356,000
Situation:

Asset Based Lending recently funded a hard money loan for a repeat borrower looking to take on his newest fix and flip project in Newark, New Jersey. ABL was able to finance this loan at 70% of ARV and 90% of Total Deal Cost. The scope of work for this project is extensive – a $113,000 partial gut of the 2 family home. The plan is to increase each unit to 3 bedrooms, open the floor plan, add central air, and renovate the home throughout.

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