Asset Based Lending recently funded a hard money fix and flip loan in Trenton New Jersey. The borrower is a first time borrower and full time real estate investor. This mixed use property has retail space on the first floor and four residential units on additional floors. These units range from 1-bedroom, 1-bathroom to 2-bedroom, 1-bathroom between 650 and 1,000 square feet for a total space of 5,050 square feet. Renovation will be mostly cosmetic with no structural changes, with focus on updating the kitchens and bathrooms. Kitchens will receive European cabinets, quartz countertops, tile backsplash, and stainless steel appliances. Bathrooms will receive new tiling, vanities, tubs, and fixtures. Units will feature a modern look highlighted by mid-to-high grade rental finishes, LVP flooring throughout, and fresh coat of paint. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Project is expected to take four months with loan refinance occurring shortly after completion.
