Asset Based Lending recently funded a hard money fix and flip loan in Keansburg New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $153,000 with a renovation budget of $82,000 and total loan funded at 90% LTC. The property is a single-family 3-bedroom, 1-bathroom measured at 1,420 square feet. This cosmetic renovation aimed to improve curb appeal through a fresh coat of paint and repairs to the siding, as well as repairs to the concrete porch. Kitchen received the most attention and is now highlighted by maple soft-close cabinets, granite countertops, and new stainless steel appliances. After the renovation was completed, the borrower used ABL’s rental refinance program to hold the property as an income-producing asset. The borrower received a cash out of $24,800 and the property is expected to generate $2,400 a month.
