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Orange New Jersey Fix And Flip Hard Money Loan

Address: Orange, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $185,000
Renovation Budget: $100,000
Loan Amount: $256,500
Cash Available for Purchase: $156,500
Cash Available for Renovation: $100,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $351,000
Situation:

Asset Based Lending recently funded a fix and flip loan in Orange New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $185,000 with a renovation budget of $100,000 and total loan funded at 90% LTC and 73% LTV. This property is a two-unit multi-family with one unit being 1-bedroom, 1-bathroom but being transformed into 2-bedroom, 1-bathroom. The other unit is already a 2-bedroom, 1-bathroom for a combined 1,434 square feet. Both units will receive complete overhauls with new kitchens, bathrooms, flooring, and HVAC system. Exterior will receive new siding, windows, roof, and a fenced yard. Renovation is expected to take four months with final sale occurring within three months of completion.

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