Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Ridgefield Park NJ for a first-time borrower with extensive real estate investing experience. The property was purchased for $312,500 with a renovation budget of $176,000 with a total loan funded at nearly 80% LTC. The property is a 3-bedroom, 1-bathroom single-family detached measured at 1300 square feet and will be undergoing exhaustive renovations that will add an additional 850 square feet of living space. After renovations, the property will be a 5-bedroom, 2.5-bathroom. The existing bathroom will be completely replaced, as will the kitchen. Walnut hardwood floors will be installed throughout the house, along with exterior updates such as a new roof and new vinyl siding. Two new HVACS will also be installed. Renovations are expected to take between six and seven months, with home sale expected within 60 days after completion.