Situation:

Asset Based Lending recently funded a fix and flip loan in Haworth New Jersey. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $450,000 with a renovation budget of $348,500 and total loan funded at 90% LTC. This property is a single-family 5-bedroom, 3.5-bathroom that will be measured at 3,700 square feet after the horizontal addition. Entire first floor will be opened, and a two-car garage will be installed. The kitchen will feature quartz countertops, waterfall island, shaker cabinets, and Viking appliance package. Bathrooms will be highlighted by unique tiling in each using large tiles while the master bathroom will feature tile walls from floor to ceiling and a soaking tub. The finished basement will have a half-bath and a rec room. Renovation is expected to take six months with final sale occurring shortly after completion.