Situation:

Asset Based Lending recently funded a fix & flip hard money loan in Clifton NJ. The borrower is an experienced real estate investor and repeat borrower with ABL. The property was purchased for $301,570.50 with a construction budget of $624,150 and total loan funded at nearly 85% LTC and 70% ARV. The property is currently a single-family 2-bedroom, 1.5-bathroom that will be updated to a 3-bedroom, 1.5-bathroom measured at total square footage of 2,054. The first floor will be remodeled to become open concept with most of the rehab focusing on the bathroom and kitchen areas. Kitchen will receive new shaker cabinets, quartz countertops, and new appliances. Bathroom will lose its tub and be replaced with a stand-up shower. Other updates include window repair, refinishing hardwood floors, and more. Estimated time for rehab is 45 days with final expected within 45 days from that.