Hard Money Loan for a Fix and Flip Property in Paterson, NJ
Address: Paterson, NJ
Borrower Profile: Experienced Real Estate Team
Purchase Price: $108,675
Renovation Budget: $51,250
Loan Amount: $128,000
Cash Available for Purchase: $76,750
Cash Available for Renovation: $51,250
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $245,000
Situation:
This experienced team came to ABL seeking a hard money loan for a fix and flip project in Paterson, New Jersey after they acquired a fixer upper in an online auction. This is truly the ultimate investing team as they cover all aspects of a deal from buying to renovating to selling their investment property. The scope of work includes a small renovation but is poised to boost the value of the property tremendously! After updating the bathrooms and kitchens and doing some general property upkeep, the ARV is set at $245,000. ABL wishes our borrowers the best of luck and is eager to see and share the results of the final project!
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