Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Moonachie NJ for an experienced repeat borrower. The property was purchased for $315,000 with a renovation budget of $59,000 and total loan funded at 87% LTC.  The investor’s exit strategy is to refinance the loan with ABL’s rental loan program and keep the property. The property is a single-family home measured at 2016 square feet featuring 4-bedrooms and 2-bathrooms. Interior renovations are substantial, with the kitchen being completely gutted and replaced. A brand-new HVAC system will also be installed. Exterior renovations include new roofing, replacing windows, and power washing the siding. Basement will be kept unfinished to remain in line with the area’s other properties.