Listing photoNewark, NJ 07103 · MLS 4049743
"The property is in need of a full renovation and is being sold strictly AS-IS."
399 S 15th St is a 6-bedroom, 4-bath home in Newark, New Jersey listed at $399,000 with 3,226 square feet, built in 1930. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with at least one completed project puts 10% down ($39,900), we fund the $354,860 renovation estimate in draws, and the loan closes in 2 weeks. A first flip puts 20% down. See every hard money opportunity in New Jersey or our New Jersey hard money lending page.
From the listing. Attention investors, contractors and developers! Great opportunity to renovate this spacious two-family property in Newark. Each unit offers 3 bedrooms and 2 full bathrooms. The property is in need of a full renovation and is being sold strictly AS-IS. Buyer responsible for all inspections, certifications and municipal requirements necessary to close. Seller will make no repairs.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $39,900 (10%) | |
| Loan at closing | $359,100 | |
| Full renovation, rough estimate* | We fund $354,860 | |
| Total loan | $713,960 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($10,709) | |
| Appraisal | Required | |
| Estimated monthly interest | $5,801 at full draw | |
| Cash to close, rough estimate | $54,999 | |
Rough estimates at the list price of $399,000 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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Cash or hard money only"Property will not qualify for traditional financing in its current condition. Cash or appropriate renovation financing is recommended."
Hard money welcome"Property is being sold strictly as is, with the buyer responsible for obtaining the smoke and carbon monoxide certificates. Cash, hard money, or 203(k) financing only."
Get pre-qualified in one call and write your offer with the financing already lined up.
