Situation:

Asset Based Lending recently funded a hard money loan for a repeat borrower looking to take on his newest fix and flip project in Newark, New Jersey. ABL was able to finance this loan at 70% of ARV and 90% of Total Deal Cost. The scope of work for this project is extensive – a $113,000 partial gut of the 2 family home. The plan is to increase each unit to 3 bedrooms, open the floor plan, add central air, and renovate the home throughout.