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Franklin Lakes New Jersey Hard Money Fix And Flip Loan

Address: Franklin Lakes, NJ
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Vertical Addition — Single-Family Detached
Purchase Price: $795,000
Renovation Budget: $100,000
Loan Amount: $775,000
Cash Available for Purchase: $675,000
Cash Available for Renovation: $100,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $1,113,000
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NJ fix and flip loan
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Franklin Lakes New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $795,000 with a renovation budget of $100,000 with total loan funded at 87% LTC. Currently the property is a 4-bedroom, 2.5-bathroom measured at 2800 square feet that will receive a 700 square foot vertical addition to become a 5-bedroom, 3.5-bathroom measured at 3500 square feet. The addition will introduce a master suite while converting another room into a home office. This master suite will be highlighted by white oak floors, pine baseboard trim, walk-in closet, and baseboard heating throughout. Renovation is expected to take three months with final sale occurring shortly after completion.

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