Fix And Flip In Wood Ridge NJ Funded By Hard Money Lender
Address: Wood Ridge, NJ
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $345,000
Renovation Budget: $23,000
Loan Amount: $331,000
Cash Available for Purchase: $308,000
Cash Available for Renovation: $23,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $460,000
Situation:
Asset Based Lending recently funded a hard money loan for a fix and flip project in Wood Ridge NJ. The investors, on their 4th deal with ABL, are purchasing a bank-owned single family house in Bergen County in need of $23,000 in renovations. The rehab is mostly cosmetic, and includes updating the floors, kitchen, and bathrooms. ABL was able to fund this loan at 89% of Purchase and 100% of Rehab.
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