NJ Hard Money Loan For Fix And Flip In Toms River
Address: Toms River, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $123,000
Renovation Budget: $50,000
Loan Amount: $153,000
Cash Available for Purchase: $103,000
Cash Available for Renovation: $50,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $236,000
Situation:
Asset Based Lending recently financed a hard money loan for a fix and flip project in Toms River, NJ. This experienced real estate investor is a repeat borrower with ABL, and ABL was able to close on this loan at 89% LTC despite the capital markets turmoil caused by COVID-19. The subject property is a 2 bed / 2 bath 1,232 sqft single family home in an 55+ adult community in decent shape. The $50,000 scope of work for renovations includes gutting the kitchen and bathrooms, opening up the floorplan, installing new floors throughout, and cosmetic improvements to the exterior.
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