Asset Based Lending recently funded a hard money fix and flip loan in Florence, New Jersey from a previous borrower and a highly experienced real estate investor. The property was purchased for $154,000 with a loan amount of $181,00 and a renovation budget of $60,000. This 1,420 square foot property is a 3-bedroom, 1-bathroom and will become a 3-bedroom 1.5-bathroom. The scope of work includes a power wash, new shutters and landscaping for the exterior. The interior will receive the addition of a powder room between the kitchen and the family room. New paint and LVP flooring throughout, complete gut of bathroom, new kitchen cabinets, granite counters, tile backsplash, and mid-grade appliances. With a 5-week timeline, the investor plans to sell the property by the end of the 12 month loan.
