Asset Based Lending recently funded a hard money fix and flip loan in Hackensack New Jersey. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $1,800,000 with a renovation budget of $5,088,289 and total loan funded at 83% LTC. The property is currently a cleared out commercial building that will be converted into a residential space and will include a vertical addition for a total of six floors. Due to the scope of work needed, ABL granted a 24-month loan instead of the typical 12-month terms. Entire square footage for the property will be approximately 36,000 square feet, with 26,000 square feet as rentable area. Floorplans will have a variety of options ranging from studios to two-bedrooms of different sizes. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Property amenities will include gym, lounge, mail room, roof deck, and laundry. Units will be highlighted by high-ceilings, mid-grade finishes, LVT flooring, and kitchens with stone countertops. Project is expected to take over 12 months with leases starting to be put into place as renovation is completed.
