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Somersworth New Hampshire Fix And Flip Loan

Address: Somersworth, NH
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Fix and Flip — Multi Family
Purchase Price: $2,400,000
Renovation Budget: $402,000
Loan Amount: $1,910,000
Cash Available for Purchase: $1,644,500
Cash Available for Renovation: $402,000
Loan Structure: 12 months interest only
Loan Purpose: Loan Refinance & Property Rehabilitation
ARV: $2,835,000
Real Estate in NH
Best Hard Money Lender in NH

­­­­Asset Based Lending recently funded a fix and flip loan with a repeat borrower and highly experienced real estate investor in Somersworth, New Hampshire. The 12 unit property was purchased for $2,400,000 with a renovation budget of $402,000 and a loan amount of $1,910,000. The borrower got approval from the city to add two new units to the property. The property will consist of 14 units, with $91,000 already invested in soft costs, exterior work, and the renovation of one unit. Thirteen units remain to be completed. Planned exterior improvements include landscaping, enhancing curb appeal, and adding parking spaces. Interior upgrades involve installing new kitchen cabinets, countertops, and appliances, as well as updating bathrooms with new tubs, vanities, and sinks. Additionally, luxury vinyl plank (LVP) flooring will be installed, and each unit will be repainted. The project is expected to be finished within 9 to 12 months.

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