Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Montclair, NJ for a team of repeat borrowers and experienced real estate investors. The subject property is a 3300 square foot single family home with 6 bedrooms, 5 full bathrooms, and 2 half baths with a 2 car garage on half an acre. The $252,000 scope of work for renovations is extensive and includes adding square footage to the first floor, gutting the kitchen and bathrooms, a new roof, new windows, oil tank removal, and other cosmetic upgrades throughout.