Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Hackensack NJ. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $353,000 with a renovation budget of $38,000 and total loan funded at 80% LTC. The property is a 4-bedroom, 2.5-bathroom single-family detached measured at 1,773 square feet. Rehab will be strictly cosmetic, with a few walls being taken down to deliver an open kitchen concept and potentially update the electric. Renovation is expected to take approximately two months with final sale occurring within three months after completion.