Asset Based Lending recently funded a hard money fix and flip loan in Buena New Jersey. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $120,000 with a renovation budget of $51,000 and total loan funded at 86% LTC. Borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. The property is a two-unit multifamily with each unit being 3-bedroom, 1-bathroom measured at 1,200 square feet each. Renovation will be mostly cosmetic, with the exterior receiving new paint and changing the roof to shingle. Interior will receive vinyl luxury flooring, new light fixtures, new outlets and switches, and a new kitchen with updated cabinets, countertops, and appliances. Project is expected to take one month with loan refinance occurring shortly after the 90-day seasoning period.
