Situation:

Asset Based Lending recently funded a hard money fix and flip loan for a team of experienced builders and real estate professionals in Montclair, New Jersey. The subject property is a two family home, each unit consisting of approximately 1,725 square feet. The $158,000 scope of work for renovations is extensive – a gut to the studs. The rehab includes opening up the walls to modernize the floorplans, adding new duct work and central air, building a new front porch and deck in the rear, new hardwood flooring throughout, as well as total renovations to the kitchens and bathrooms.