Situation:

Asset Based Lending recently funded a property purchase only hard money loan in Keene NH. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $1,800,000 with total loan funded at 85% LTC. The borrower plans to keep the property as an income-producing asset once stabilized. The property is a mixed-use building that holds 25 residential units and 1 commercial unit. All necessary property rehab will come out of the borrower’s pocket and will be strictly cosmetic updates.