Situation:

Asset Based Lending recently funded a hard money BRRRR loan in Orange New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $258,000 with a renovation budget of $81,000 and total loan funded at 89% LTC. The borrower plans on refinancing and holding the property as an income-producing asset with our rental refinancing program. This property is a 4-bedroom, 2-bathroom measured at 2100 square feet. Renovation will include converting the powder room into full bathroom and opening the kitchen layout, so it meets both the living room and family room. Other interior upgrades include new HVAC installation, refinished hardwood floors, and repairing the staircase. Exterior updates will include a fresh coat of paint, new soffits and gutters, and new windows. Rehab is expected to take approximately ten weeks, and the borrower plans on refinancing with us 30 days after project completion.