Fix & Flip – Toms River, NJ
Property Location:
Toms River, NJ
Borrower Profile:
Investor with multifamily experience
Property Type:
Single Family Residence
Loan Amount:
$207,800
Renovation Budget:
$72,217
Sold For:
$256,500
Loan Purpose:
Property Purchase and Rehab
Project Description:
Comprehensive interior and exterior rehab of a ranch style home
Situation:
Brookview Financial funded a Fix & Flip loan for the purchase and rehab of a neglected ranch in Toms River, NJ. Our borrower completed an extensive rehab of a 1,200 square foot, 3 bedroom, 2 bath home in need of roughly $73,000 in renovations. The scope of work for this major renovation project included gutting the kitchen and bathrooms, upgrading the electrical and plumbing, a complete exterior upgrade, and finishing the damp, dark basement. The borrower added 850 square feet of useable living space by transforming the basement into a large family room.Why Brookview: Creativity and Flexibility. Our borrower chose Brookview because of our ability to create out-of-the box financing structures. Unlike some “big box lenders,” we can creatively structure deals to best benefit our borrower’s needs. In this situation, the borrower was light on cash, and for all practical purposes, could not put any of his own money into the deal. We were able to structure the deal using other real estate assets owned by the borrower as additional collateral, and no money down from him. We funded the purchase price, all the closing costs and the extensive rehab, and our borrower profited handsomely. Calculate that ROE!
