Asset Based Lending recently funded a hard money property purchase loan in Reading Pennsylvania. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $217,500 with a total loan amount of $174,000 at 80% LTC. The property is a single-family 4-bedroom, 2-bathroom measured at 3,528 square feet. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. Property requires cosmetic renovation that the borrower will handle with their personal financing and then manage the rental property themselves. After a short seasoning delay, the borrower will refinance the loan into the 30-year fixed rental loan.
