Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Brigantine, NJ for a repeat borrower with extensive real estate investing experience. The property was purchased for $565,000 with a renovation budget of $225,000 and a total loan funded at nearly 85% LTC. The borrower is a general contractor that will be completing the renovations themselves. The property is a four-unit multi-family that will be converted to condominiums with three units being 2-bedroom, 1-bathroom measured at 1,000 square feet while the fourth unit is 3-bedroom, 1-bathroom measured at 1,200 square feet. Kitchens and bathrooms in each unit will undergo gut renovations with high-end finishes. Each unit will receive updated windows and HVAC will be installed in the one unit missing it. Exterior renovations include replacing the siding for the top half of the property and new matching roof. Total renovation time is expected to take approximately six months.