Asset Based Lending recently funded a hard money fix and flip loan in Franklin Lakes New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $795,000 with a renovation budget of $100,000 with total loan funded at 87% LTC. Currently the property is a 4-bedroom, 2.5-bathroom measured at 2800 square feet that will receive a 700 square foot vertical addition to become a 5-bedroom, 3.5-bathroom measured at 3500 square feet. The addition will introduce a master suite while converting another room into a home office. This master suite will be highlighted by white oak floors, pine baseboard trim, walk-in closet, and baseboard heating throughout. Renovation is expected to take three months with final sale occurring shortly after completion.
