Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Paterson New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $149,900 with a renovation budget of $137,090 and total loan funded at 90% LTC. The property is a multi-family 2 measured at 2,500 square feet. Fire damage occurred to the property but it remains structurally sound so it will retain the same layout. Home will be highlighted by vinyl siding, new roof, hardwood floors, and finished basement. Kitchen will feature shaker cabinets, quartz countertops, and mid-grade appliances. Project is expected to take up to three months with final sale occurring within three months of completion.