201-942-9089 info@abl1.net

Torrington Connecticut Stabilized Bridge Loan

Address: Torrington, CT
Borrower Profile: First Time Borrower — Part-time Real Estate Investor
Work Description: No Renovation — Stabilized Property
Purchase Price: $295,000
Renovation Budget: $0
Loan Amount: $171,000
Cash Available for Purchase: $171,000
Cash Available for Renovation: $0
Loan Structure: 24 months interest only
Loan Purpose: Stabilized Bridge Refinance
ARV: $310,000 (As-Is)

­Asset Based Lending recently funded a stabilized bridge loan to a first-time borrower and part-time real estate investor in Torrington Connecticut. This borrower purchased in 2019 and has since performed renovations on this property. The borrower’s intention is to refinance the property into a 30-year DSCR loan, but their credit score came in lower than expected. As a solution the borrower is using a stabilized bridge loan to cash out the equity on the property and use the funds to put themselves in a better position to refinance into a DSCR loan in the future.