Asset Based Lending recently funded a hard money fix and flip loan in Newark New Jersey. The borrower is a repeat borrower and experienced real estate investor. This blanket loan covers the purchase of one five-unit multifamily and two two-unit multifamily buildings. The properties were purchased for $910,000 with a renovation budget of $865,000 with total loan funded at 88% LTC. The borrower will hold the property in their rental portfolio with ABL’s rental refinance program. Minor renovations will occur on a unit-by-unit basis with each property building receiving upgraded electric, plumbing, and water heaters.