The Client

Repeat Borrower — Experienced Real Estate Investor
• Loan Purpose
Property Purchase Only
• Loan Structure
12 months interest only

The Investment

Property Purchase — Multifamily 3
• Purchase Price
$775,000
• Renovation Budget
$0
• Loan Amount
$550,000
• Cash Available for Purchase
$550,000
• Cash Available for Renovation
$0

The ABL Partnership

Asset Based Lending recently funded a hard money property purchase loan in Kearny New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for for $775,000 with a loan amount of $550,000 funded at 71% LTC. The property is a 3-unit multifamily where each unit is a 2-bedroom, 1-bathroom measured at a combined total 3,807 square feet. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Borrower will wait three months for the bridge loan to season before refinancing and begin collecting monthly rental income.

The Results

• After Repair Value
$797,000 (As-Is)
• Sale Price
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