Hard Money Fix & Flip Loan in Scotch Plains, NJ
Address: Scotch Plains, NJ
Borrower Profile: Experienced Investor
Work Description: Fix & Flip – Single-Family
Purchase Price: $265,000
Renovation Budget: $285,000
Loan Amount: $485,000
Cash Available for Purchase: $200,000
Cash Available for Renovation: $285,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $747,000
Situation:
Asset Based Lending recently funded a hard money fix and flip loan to an experienced real estate investor in Scotch Plains, New Jersey, offering 88% of total deal cost. This 1,000 square foot—soon to be 2,700 square foot—single-family property has 5 bedrooms and 4 bathrooms. The scope of work will include kitchen and bathroom renovations, as well as a square footage addition.
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