Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Wayne NJ. The borrower is a repeat borrower and highly experienced real estate investor. The property was purchased for $500,000 with a renovation budget of $49,200 and total loan funded at 86% LTC. The property is an end-unit townhome with 4-bedrooms 3.5-bathrooms measured at 2,122 square feet. Renovation will focus primarily on the kitchen and bathrooms, with the kitchen receiving new cabinets, backsplash, granite countertops, and updated appliance package. The baths will receive new quartz countertops. Hardwood floors will be installed throughout the home, and the basement will be finished. The unit is already receiving offers and is expected to sell before project is completion, if not shortly after.