Listing photo399 S 15th StNewark, New Jersey
Newark, NJ 07103 · MLS 4049743
- 6 bd / 4 ba
- Bedrooms / baths
- 3,226 sq ft
- Living area
- 1930
- Year built
- 3,511 sq ft
- Lot
"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 1 to 2 completed projects and a 740 score puts 25% down ($99,750), we fund the $354,860 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. 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.
Hard money financing on 399 S 15th St: what you qualify for.
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.
- 1. Your score740Qualifies
- 2. Your experience1 to 2 projectsTier 2: 25% down
- 3. Down payment25% down$99,750 at closing
- Experience Tier 2 on 1 completed project in three years with a heavy (50% to 100% of the price) renovation: up to 75% of the price at closing, 100% of the renovation funded.
- Keep the renovation at $199,500 or less (half the price) and it prices at 10% down.
399 S 15th St priced at the list price.
| Item | Fix and flip: 25% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $99,750 (25%) | |
| Loan at closing | $299,250 | |
| Full renovation, rough estimate* | We fund $354,860 | |
| Total loan | $654,110 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($9,812) | |
| Appraisal | Required | |
| Estimated monthly interest | $5,315 at full draw | |
| Cash to close, rough estimate | $113,952 | |
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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