Asset Based Lending recently funded a hard money fix and flip loan in Jersey City New Jersey. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $600,000 with a renovation budget of $394,000 and total loan funded at 85% LTC. The property is a mixed-use multifamily that will see the current two residential units converted into two condominium units, with the commercial space remaining on the ground floor. These new condo units will be one 2-bedroom, 1.5-bathroom and one 2-bedroom, 1-bathroom each measured at approximately 800 square feet. Renovation will include updates such as new electric, plumbing, central air, and HVAC system installation. Each condo will have private entry and receive new windows, new stairs, high-end ceramic tile and fixtures, quartz countertops, and stainless steel finishes. Commercial unit will not be updated as part of this fix and flip loan. Project is expected to take between 10 and 12 months with final sales occurring shortly after completion.