Asset Based Lending recently funded a fix and flip loan in Orange New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $185,000 with a renovation budget of $100,000 and total loan funded at 90% LTC and 73% LTV. This property is a two-unit multi-family with one unit being 1-bedroom, 1-bathroom but being transformed into 2-bedroom, 1-bathroom. The other unit is already a 2-bedroom, 1-bathroom for a combined 1,434 square feet. Both units will receive complete overhauls with new kitchens, bathrooms, flooring, and HVAC system. Exterior will receive new siding, windows, roof, and a fenced yard. Renovation is expected to take four months with final sale occurring within three months of completion.
