Asset Based Lending recently funded a hard money fix and flip loan in Morristown New Jersey. The borrower is a repeat borrower and experienced real estate investor that found the investment through a wholesaler. The property was purchased for $580,000 with a renovation budget of $31,000 with total loan funded at 86% LTC. The property is a single-family 5-bedroom, 3-bathroom measured at 2,772 square feet. Renovation will be mostly cosmetic and focused on the kitchen and bathroom. Kitchen will receive new cabinets and countertops while one bathroom will undergo a full remodel. Project is expected to take one month with final sale occurring shortly after completion.
