Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Englewood NJ for a repeat borrower with extensive real estate investing experience. The property was purchased for $265,000 with a renovation budget of $130,000 and a total loan funded at nearly 90% LTC. This multi-family property is split into two units, with the first unit being a 2-bedroom, 2-bathroom and the second unit being a 2-bedroom, 1-bathroom measured at a combined total 1633 square feet. After rehab is complete, the investor plans to refinance the property using ABL’s rental loan financing to keep the property as an income producing asset. Most renovations will occur on the exterior of both units, replacing the siding, windows, and roof. Each unit will receive updated kitchens and bathrooms. The estimated time to complete renovations is 4 months.