New Jersey Fix And Flip Hard Money Loan
Address: Ridgefield Park, NJ
Borrower Profile: Experienced Investor
Work Description: Fix And Flip - Condo Conversion
Purchase Price: $265,000
Renovation Budget: $289,000
Loan Amount: $450,000
Cash Available for Purchase: $161,000
Cash Available for Renovation: $289,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $810,000
Situation:
This very experienced real estate investor came back to Asset Based Lending for a hard money loan in order to finance the purchase and renovation of a mixed-use property in Ridgefield Park, New Jersey. The $289,000 construction scope of work is a complete gut; the existing bar and residential unit will be converted to townhouses using the existing framework of the building. Each new unit will be a 3 bed/2.5 bath, with 1900 square feet of living space. We can’t wait to see the finished fix and flip!
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