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Kendall Park New Jersey Stabilized Bridge Loan

Address: Kendall Park, NJ
Borrower Profile: First Time Borrower — Experienced Real Estate Investor
Work Description: No Renovation — Stabilized Property
Purchase Price: $250,000
Renovation Budget: $0
Loan Amount: $267,000
Cash Available for Purchase: $267,000
Cash Available for Renovation: $0
Loan Structure: 24 months interest only
Loan Purpose: Stabilized Bridge Refinance
ARV: $535,000 (As-Is)
Stabilized bridge loan NJ
Bridge loan for stabilized property New Jersey

Asset Based Lending recently funded a hard money stabilized bridge loan in Kendall Park New Jersey. The borrower is a first-time borrower and experienced portfolio investor that focuses on fix and flip investments, but wants to hold this property as part of their rental portfolio. The property is a 4-bedroom, 3-bathroom single family home measured at 2,000 square feet that was recently renovated with updates to the bathroom and kitchen including new shaker cabinets, quartz countertops, stainless steel appliances, and LVP flooring throughout. The borrower plans on waiting for long-term rental loan rates to stabilize before refinancing this loan and capitalizing on market conditions.