Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Closter New Jersey. The borrower is a repeat borrower and full-time investor. The property was purchased for $415,000 with a renovation budget of $350,000 and total loan funded at 85% LTC and 73% LTV. This property is a 4-bedroom, 3.5-bath measured at approximately 1,400 square feet and renovation will add an additional 2,100 square feet for a total 3,500 square feet. Home will receive high-end finishes including oak floors, Anderson windows, unique bathroom tiles, two HVAC systems, and a finished basement. Renovation is expected to take four months with final sale occurring within two months of project completion.