201-942-9089 info@abl1.net

Somerset NJ Fix And Flip Loan

Address: Somerset, New Jersey
Borrower Profile: Repeat Borrower — Experienced Investor
Work Description: Fix and Flip — Single Family
Purchase Price: $345,000
Renovation Budget: $160,000
Loan Amount: $387,000
Cash Available for Purchase: $227,000
Cash Available for Renovation: $160,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $645,000

­Asset Based Lending recently funded a property purchase and fix and flip loan for a repeat borrower in Somerset, New Jersey. The property was purchased for $354,000 with a renovation budget of $160,000 and a loan amount of $387,000. The interior will receive new shaker cabinets in the kitchen, along with granite countertops, stainless steel appliances, and all European cabinets and fixtures. The bathroom will include double vanities, wall hanging European fixtures, new countertops and tile flooring. The exterior renovations will be new windows and doors and rough landscaping clean up. The borrower plans to sell at the end of the 5 month timeline they anticipate for rehabilitation.