Situation:

Asset Based Lending recently funded a hard money fix and flip loan in South Orange New Jersey for a first-time borrower with previous real estate investing experience. The property was purchased for $354,375 with a renovation budget of $75,000 and total loan funded at 84% LTC. The borrower found the property on Auction.com. The subject property is a single-family detached 3-bedroom, 1.5-bath measured at 1675 square feet that is undergoing extensive cosmetic upgrades and having an additional bathroom installed. After rehab is complete, the investor plans to refinance the property using ABL’s rental loan financing to keep the property as an income producing asset. Exterior upgrades will include basic landscaping, new windows, new gutters, fresh coat of paint, and new vinyl fence. Interior upgrades will include brand new master bathroom, luxury vinyl flooring throughout the entire house, new mid-grade appliances and granite countertops in the kitchen, and new lighting installed in each room.