Jersey City Hard Money Loan For Fix And Flip
Address: Jersey City, NJ
Borrower Profile: Repeat Borrower
Work Description: Gut Renovation Of Single Family Property
Purchase Price: $185,000
Renovation Budget: $78,000
Loan Amount: $223,000
Cash Available for Purchase: $145,000
Cash Available for Renovation: $78,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase And Rehabilitation
ARV: $375,000
Sale Price: $617,000
Exterior – Before
Exterior – After
Situation:
Asset Based Lending funded a hard money fix and flip loan for a repeat borrower in Jersey City, New Jersey. This investor is a realtor and former FortuneBuilders student, so he and his partners came into the project with a solid business plan in mind. The project was a $78,000 gut renovation that included reducing the floor plan by one bedroom in order to add a bathroom and expand the remaining spaces.
Outcome:
Interior – Before
Entry – Before
Bathroom – Before
Interior – After
Entry – After
Bathroom – After
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