Asset Based Lending recently funded a hard money fix and flip loan in Hoboken New Jersey. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $2,050,000 with a renovation budget of $750,000 and total loan funded at 85% LTC. The property is a single-family 5-bedroom, 4.5-bathroom measured at 3,960 square feet and will see an additional 600 square feet added to the master suite. Renovation will include high-end finishes, French glass doors, white plank flooring, brick facade, and new HVAC system, Kitchen will receive marble counters and high-end appliances while the basement will be finished to include a rec room and kitchenette as well. Project is expected to take six months with final sale occurring shortly after completion.
