Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Elizabeth New Jersey. The borrower is a highly experienced real estate investor that has already worked with ABL on multiple successful deals. The property was purchased for $400,000 with a renovation budget of $50,000 and total loan funded at 88% LTC. The property is a three-unit multi-family with one unit being 3-bedroom, 1-bathroom and two units being 3-bedroom, 2-bathroom. The borrower will be adding this to their rental portfolio by holding the property as an income-producing asset with our rental refinancing program. Renovation will be cosmetic and focus on updating the kitchens, baths, and flooring for each unit. The expected monthly rent for the 3/1 is $1950 and expected monthly rent for the 3/2 is $1850 due to the 3/1 having more square footage.