Hard Money Loan For Fix And Flip In Old Bridge NJ
Address: Old Bridge, NJ
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $200,000
Renovation Budget: $61,000
Loan Amount: $234,000
Cash Available for Purchase: $173,000
Cash Available for Renovation: $61,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $356,000
Sale Price: $369,000
Front – Before
Front – After
Situation:
Asset Based Lending recently funded a hard money loan for a fix and flip project in Old Bridge, NJ. The borrower is a multiple-time repeat borrower with ABL as well as an experienced real estate investor. The subject property is a 1,354 square foot single family home with 3 bedrooms and 1.5 bathrooms. The $61,000 scope of work for renovations is expected to take 90 days to complete and includes cosmetic upgrades and exterior repairs, gutting the kitchen and opening the floor plan, updating the bathrooms, and new paint and flooring throughout.
Outcome:
Kitchen – Before
Bathroom – Before
Interior – Before
Kitchen – After
Bathroom – After
Interior – After
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