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Rockaway NJ Fix And Flip Hard Money Loan

Address: Rockaway, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Mixed Use
Purchase Price: $255,000
Renovation Budget: $120,000
Loan Amount: $319,000
Cash Available for Purchase: $199,000
Cash Available for Renovation: $120,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $500,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Rockaway NJ. The borrower is a repeat borrower and professional real estate investor. The property was purchased for $255,000 with a renovation budget of $120,000 and total loan funded at 85% LTC. The borrower will refinance and hold the property as an income-producing asset with our rental refinancing program. This mixed-use property has a bottom floor retail space measured at 1050 square feet that will remain vacant and the upstairs floor is zoned to be rented out as two apartments that are each 2-bedroom, 1-bathroom measured at 1050 square feet. Rehab is expected to take approximately four months and will focus on making the commercial space move-in ready through gut renovation.

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