201-942-9089 info@abl1.net

Ocean Township New Jersey Fix And Flip Loan

Address: Ocean Township, NJ
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Fix and Flip — Single Family
Purchase Price: $570,000
Renovation Budget: $140,000
Loan Amount: $565,000
Cash Available for Purchase: $425,000
Cash Available for Renovation: $140,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $875,000
NJ Hard Money Loan
Fix and Flip in New Jersey

­­­Asset Based Lending recently funded a fix and flip loan with a repeat borrower and experienced investor. The property was purchased for $570,000 with a renovation budget of $140,000 and a loan amount of $565,000. The top floor includes a bedroom that requires significant renovation, including cleaning, repairing cracked walls, and fixing the flooring. This may involve installing new drywall and potentially new framing. Exterior improvements include replacing windows, repairing siding, and updating landscaping. Inside, the kitchen needs a complete overhaul with new cabinets, counters, appliances, and the addition of an island. The borrower is also considering opening some walls to expand the kitchen. Bathrooms require a complete renovation with brand-new fixtures. The entire house needs new hardwood flooring, painting, and drywall replacement. Electrical, HVAC, and plumbing systems need to be checked, which may involve opening additional walls to inspect the rough-ins. The basement also needs to be finished and the borrower expects a three-month timeline.

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