Situation:

Asset Based Lending recently funded a fix and flip loan in Scotch Plains NJ for an exceptionally experienced repeat borrower and real estate investor. The project is an “add-a-level” fix and flip purchased for $353,000 with a $245,000 renovation budget funded at 90% LTC. The subject property is a 1,250 square foot single family cape that will have a 2nd level added to become a 2,650 square foot 5 bed / 4.5 bath with a finished attic. The finished home will have a finished basement, family room, all new HVAC and plumbing, a 1-car garage, new hardwood flooring and modern finishes throughout.