Fix and Flip – Phillipsburg, NJ

The Opportunity

An experienced New Jersey flipper found an ideal opportunity in Phillipsburg, a town bordering the Delaware River and the Pennsylvania state line. He had an agreement to purchase the property for $200,000. That price created significant profit opportunity with a straightforward rehab plan.

However, the flipper’s usual lender fell through, and he had less than two weeks to secure financing to save the deal. He reached out to Lima One, which he had never worked with before, for a fast-closing solution.

The Solution

Lima One’s in-house team moved into high gear and closed the fix and flip loan in just 11 calendar days, saving the deal for the flipper. Plus, the 91% loan-to-cost leverage funded the entire rehab budget and 90% of the purchase price. 

The flipper closed the deal and is set up for a big six-figure profit on this modestly priced property. Now he is planning to fund future flips with Lima One because of the outstanding and speedy service he received on his first deal.