fix and flip investment properties

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Norristown PA Fix And Flip Hard Money Loan

Address: Norristown, PA
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Two Family
Purchase Price: $95,000
Renovation Budget: $44,000
Loan Amount: $116,000
Cash Available for Purchase: $72,000
Cash Available for Renovation: $44,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $185,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Norristown PA for a repeat borrower with extensive real estate investing experience. The property was purchased for $95,000 with a renovation budget of $44,000 with total loan funded at nearly 84% LTC. The home is a two-unit multi-family with the first unit being a 1-bedroom, 1-bathroom and the second unit being a 2-bedroom, 1-bathroom. Renovations will mostly be mirrored, with interior updates being focused on the kitchens and bathrooms. One unit will be receiving a new furnace. Exterior updates will include a new roof and fresh coat of paint. Both units are currently occupied, so renovations will take slightly longer than usual due to renovating one unit at a time instead of simultaneously.

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