Asset Based Lending recently funded a hard money property purchase loan in Pinellas Park Florida. The property was purchased for $1,088,000 with a total loan amount of $900,000 funded at 83% LTC. The property is a nine-unit multifamily apartment complex which is spread across three buildings that each have three 2-bedroom, 2-bathroom units measured at 777 square feet per unit. The borrower will finance the renovation costs with their own money, but will continue to hold the property as an income-producing asset using ABL’s rental refinance program. This loan will be refinanced into the long term rental loan in approximately six months.
