Hard Money Fix And Flip Loan Newark NJ
Address: Newark, NJ
Borrower Profile: Experienced Investor
Work Description: Gut Renovation - Multi-Family 3
Purchase Price: $240,000
Renovation Budget: $74,000
Loan Amount: $282,000
Cash Available for Purchase: $208,000
Cash Available for Renovation: $74,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $378,000
Situation:
Asset Based Lending recently funded a hard money fix and flip loan for an experienced investor at 90% Loan To Cost and 75% Loan To ARV. The subject property is a 2800 sqft 3 family home in Newark that needs approximately $74,000 worth of rehab. The scope of work for renovations includes 2 new furnaces, gutting all kitchens and bathrooms, replacing the flooring throughout and adding a 2nd bedroom to one of the existing units.
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