Asset Based Lending recently funded a property purchase and fix and flip loan for a repeat borrower in Kearny New Jersey. They are experienced real estate investors and have previously completed one round-trip fix and flip with ABL. For this project, the borrower is looking to do a full gut renovation on this 3-family property. Plans include adding 1,000 square feet to the property to include an additional bedroom in each unit. The interior of the home will be completely updated with new plumbing, electrical, and HVAC. Hardwood flooring will be installed throughout the home, and granite countertops in the kitchens and bathrooms. Renovations to this property are expected to last 12 months, at which time they intend to list this property for final sale. Due to market conditions, the borrower estimates each unit could collect as much as $3,000 a month in rental income should they decide to hold it in their portfolio as a rental property.
