Asset Based Lending recently funded a property purchase and fix and flip loan in Newark, New Jersey with a repeat borrower and highly experienced real estate investor. The property was purchased for $440,000 with a renovation budget of $60,000 and a loan amount of $412,000. The exterior of this home will receive paint and clean up, the kitchen will receive new appliances and the bathrooms will be updated with new vanities and light fixtures. With this cosmetic rehab, the borrower anticipates 1-2 months for renovations and one month to sell.
