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Jul 3, 2015 8:53 EST

South Bound Brook Flip: 32 Barber Blvd, South Bound Brook, New Jersey

iCrowdNewswire - Jul 3, 2015

South Bound Brook Flip

Investment Summary

This is a prefunded purchase & rehab opportunity for a Single Family Residential property in New Jersey. The subject property address is 32 Barber Blvd, South Bound Brook, New Jersey.

The developer is requesting a loan of $159,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $143,500 in June of 2015. There is moderate renovation needed for the underlying property, totaling $48,000. The borrower will receive 4 draw(s) totaling $154,230 over the course of the loan. The initial draw in the amount of $106,230 occurs when the property is purchased. The remaining $48,000 will be disbursed in equal draws of $16,000 each as the property is completed. The borrower plans to sell in one year or under.

32 Barber Blvd

  • Purchase Price: $143,500
  • Renovation: $48,000
  • After-Rehab Value: $245,000

An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $245,000 for 32 Barber Blvd. The ARV ratio is 64.9% 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 South Bound Brook is strong and supply outweighs demand.

Financial Overview
Investment Needed Minimum Investment Loan Duration APR
$159,000 $5,000 12 months 11%
Valuation
Appraised ARV 65% Loan to Combined Appraised ARV $245,000
Zillow As-Is Value 74% Loan to Zillow As-Is $216,315
Trulia As-Is Value 80% Loan to Trulia As-Is $199,000
Property Overview

32 Barber Blvd was built in 1966, located in the suburban neighborhood of South Bound Brook, New Jersey. The property has 8 rooms including 3 bedrooms and 2 bathrooms, with a gross living area of 1,252 sq. ft. on a 5,700 sq. ft. lot. The property will remain 1,252 sq. ft. after renovations. The property is near the Raritan River, public amenities, shopping centers and recreation..

Renovation

32 Barber Blvd

Property renovations are awaiting loan to start renovation and there are moderate renovations needed for the property. The following renovations are planned to be completed:

  • Remodel bathrooms
  • Remodel kitchens
  • Replace doors
  • Interior Paint
  • Repair Deck

Borrower

The borrower for this project is Lakay Spice LLC. The development team has more than 10 years of experience and more than 25 projects under their belt. The development team began in the real estate space with Countrywide Mortgage. The team began investing in 2002 and by 2007 they were full time real estate investors.  The team also started a company called Basic Credit and Finance  which helps homeowners negotiate short sales and rebuild their credit. Additionally, they assisted realtors and attorneys in their short sale transactions. Some of their recent transactions include:

  • 928 S 16th St, Newark, NJ (October 2014)
    Purchase Price: $87,000
    Renovation: $50,000
    Resale Amount: $310,000

  • 178 Parker St, Newark, NJ (July 2014)
    Purchase Price: $138,000
    Renovation: $0
    Resale Amount: $230,000

  • 149 Mapes Ave, Newark, NJ (April 2014)
    Purchase Price: $138,000
    Renovation: $35,000
    Resale Amount: $300,000
Contact Information:

Lakay Spice LLC

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