Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Rutherford, NJ. The borrower is a repeat borrower and full-time real estate investor who used our zero-point program to save thousands in closing costs. The property was purchased for $351,000 with the total loan funded at 86% LTC and nearly 70% LTV. The property is a 2-bedroom, 1.5-bathroom single-family measured at 1,326. Renovation will be mostly cosmetic, including the addition of a bedroom to create 3-beds, 1.5-baths. Kitchen will receive quartz countertops, new tile floor, new cabinets, and new appliances. Fresh coats of paint will be applied to the interior, with exterior updates including landscaping and power wash siding. Project is expected to take approximately two to three months, with final sale occurring within three months of completion.