Asset Based Lending recently funded a property purchase and fix and flip loan in Harrison, New Jersey with a first-time borrower and real estate investor. The property was purchased for $135,000 with a renovation budget of $152,000 and a loan amount of $200,000. The scope of work for the property includes a new roof, siding, doors, windows, and landscaping on the exterior. The interior will receive custom wood cabinets, quartz countertops, tile backsplash, and a walk-in pantry in the kitchen. The bathrooms will have two-sink vanities and the master will have a standing shower. The borrower plans a 6–9-month timeline for the project and will rent the property for $3800 per month once it’s occupied.
