Rahway New Jersey Mixed Use Fix And Flip Loan
Asset Based Lending recently funded a hard money fix and flip loan in Rahway New Jersey. The borrower is a first-time borrower and first-time real estate investor. The property was purchased for $375,000 with a renovation budget of $65,000 and total loan funded at 42% LTC. The property is a mixed-use asset with one commercial component on the ground floor and and two residential units on the top floor. The units are a 1-bedroom, 1-bathroom and 3-bedroom, 1-bathroom that will be converted to 3 bedroom, 2-bathroom. Both units will be converted into open concept designs and see their kitchen spaces expanded along with new washers & dryers, and central AC being installed. The borrower plans on holding this property as an income-producing asset using ABL’s rental refinance program. Project is expected to take four months with loan refinance occurring shortly after completion.