Asset Based Lending recently funded a hard money fix and flip loan in Clifton New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property is a two-unit multifamily with each unit being a 3-bedroom, 2.5 bathroom measured at approximately 2,000 square feet. Initially the borrower purchased this property as a single-family and converted it into the multifamily. The project is mostly complete and needed extra capital to assist in the finish, along with a cash out on its current equity to re-capitalize the borrower for their next project. Property will be highlighted by crown molding throughout, hardwood in common areas and tiles in bathrooms and basement, and dual zone HVAC for each unit. Kitchens will feature shaker cabinets, quartz countertops, and mid-range stainless steel appliances. Project is expected to take up to four months with final sale occurring shortly after completion.
