Situation:

Asset Based Lending recently financed a hard money fix and flip loan for a repeat borrower and experienced investor purchasing a property in Paterson, New Jersey. The subject property is a 2,650 square foot multi-family 3, each with 3 bedrooms and 1 bathroom. The $83,000 scope of work for renovations is extensive – a full gut. Each unit will be gutted to the studs with new interiors, and the investor will also separate the utilities, repairs the roof, and replace all windows and siding. After the renovation is complete, the investor plans to refinance with a rental loan and keep the property for rental income.