Asset Based Lending recently funded a property purchase and fix and flip loan for a repeat borrower in Somerset, New Jersey. The property was purchased for $354,000 with a renovation budget of $160,000 and a loan amount of $387,000. The interior will receive new shaker cabinets in the kitchen, along with granite countertops, stainless steel appliances, and all European cabinets and fixtures. The bathroom will include double vanities, wall hanging European fixtures, new countertops and tile flooring. The exterior renovations will be new windows and doors and rough landscaping clean up. The borrower plans to sell at the end of the 5 month timeline they anticipate for rehabilitation.
