Situation:

Asset Based Lending recently financed a hard money loan for a fix and flip project in Toms River, NJ. This experienced real estate investor is a repeat borrower with ABL, and ABL was able to close on this loan at 89% LTC despite the capital markets turmoil caused by COVID-19. The subject property is a 2 bed / 2 bath 1,232 sqft single family home in an 55+ adult community in decent shape. The $50,000 scope of work for renovations includes gutting the kitchen and bathrooms, opening up the floorplan, installing new floors throughout, and cosmetic improvements to the exterior.