Bergen County Flip II
This is a prefunded purchase & rehab opportunity for a Single Family Residential property in New Jersey. The subject property address is 450 Chestnut Ave, Ridgefield, New Jersey.
The developer is requesting a loan of $440,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $340,000 in June of 2015. There is major renovation needed for the underlying property, totaling $150,000. The borrower will receive 5 draw(s) totaling $418,000 over the course of the loan. The initial draw in the amount of $268,000 occurs when the loan closes. The second draw of $47,500 will be disbursed when the first phase of renovation is completed. The third draw of $53,500 will be disbursed when the second phase of renovation is completed. The fourth draw of $28,500 will be disbursed when the third phase of renovation is completed. The fifth draw of $20,500 will be disbursed when the fourth and final phase of renovation is completed. The borrower plans to sell in one year or under.
450 Chestnut Ave
- Purchase Price: $340,000
- Renovation: $150,000
- After-Rehab Value: $675,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $675,000 for 450 Chestnut Ave. The ARV ratio is 65.19% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Ridgefield is strong and demand outweighs supply.
450 Chestnut Ave was built in 1936, located in the suburban neighborhood of Ridgefield, New Jersey. The property has 8 rooms including 4 bedrooms and 3 bathrooms, with a gross living area of 1,079 sq. ft. on a 6,250 sq. ft. lot. The property will be increased to 3,200 sq. ft. after renovations. The property is near Fort Lee Historic Park, Steuben House, John V Dinan Associates Inc, New Jersey Naval Museum, Teaneck Public Library, Jeffrey’s Hook Lighthouse.
450 Chestnut Ave
Property renovations are awaiting loan to start renovation and there is major renovation needed for the property. The following renovations are planned to be completed:
- Entire framing of home
- Excavation and foundation for addition
- Additional plumbing
- Additional siding
- Additional roofing
- Additional windows
- Additional insulation
- Additional sheetrock
- Installing Additional doors
- New tile for kitchen floors and bathrooms
- Installing kitchen cabinets and granite
- Install new garage door
- Pave driveway
From the Developer that brought you “Bergen County Flip” brings you “Bergen County Flip II.” This developer has 50+ flips, 40+ in the past 3 years and focuses on acquiring, rehabbing and selling single-family residences in North New Jersey. The developer is also a realtor, full time investor, lender and general contractor. His company flips 10+ properties a year with an average net spread of $75,000.