Asset Based Lending recently funded a hard money fix and flip loan in Edison New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $346,708 with a renovation budget of $215,000 and total loan funded at 89% LTC. The property is a single family 5-bedroom, 4-bathroom that will receive an extension for total square footage of 2,700. Project will include gut renovation and removal of roof to support an extension to the back-right of the property. Home will receive new shingle roof, new Anderson windows, and stone & brick façade. Kitchen will become open concept and highlighted by new cabinets, granite countertops, and stainless steel appliances. Bathrooms will undergo full remodels, with the master bath including a free standing tub and enclosed glass shower with dual vanities. Renovation is expected to take up to 8 months with final sale occurring shortly after completion.
