Asset Based Lending recently funded a hard money fix and flip loan in Montclair New Jersey. The borrower is a repeat borrower and an experienced real estate investor. The property was purchased for $740,000 with a renovation budget of $339,016. This property is an extensive renovation that projects 2900 square footage. What was a 4-bedroom, 2-bathroom will be remodeled as a 6-bedroom, 4-bathroom. Full renovation in existing space includes new hardwood throughout, full remodel to existing baths and kitchen, cabinets, appliances, quartz tops, and updates to plumbing and electrical. Exterior will receive a new roof, siding, windows, and gutters. Addition to the property will involve moving the garage forward and adding a unit behind the garage. Project is expected to take upwards of 6 months, and after completion the borrower will sell property for a profit.
