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Scotch Plains Fix And Flip Funded By Hard Money Lender In NJ

Address: Scotch Plains, NJ
Borrower Profile: Experienced Investor & Real Estate Agent
Work Description: Fix & Flip - Single Family
Purchase Price: $360,000
Renovation Budget: $70,000
Loan Amount: $387,000
Cash Available for Purchase: $317,000
Cash Available for Renovation: $70,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $535,000
Situation:

Asset Based Lending recently funded a hard money loan for repeat borrower purchasing a fix and flip in Scotch Plains, New Jersey.  The borrower is a full time real estate agent and licensed general contractor who purchased this property through an estate sale. The subject property is a 1,412 square foot single family home with 3 bedrooms and 2.5 bathrooms. The $70,000 scope of work for renovations includes gutting the kitchen and bathrooms, opening up the floorplan, installing new hardwood floors, and other cosmetic upgrades throughout. ABL was able to finance this property at 90% LTC and 72.3% LTV.

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