Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Bayonne New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $272,000 with a renovation budget of $30,000 with total loan funded at 86% LTC and 70% LTV. The property is a single-family 3-bedroom, 1-bathroom measured at 1,329 square feet. Renovation will focus on cosmetic updates to the kitchen and bathroom to quickly improve market value. The project is expected to take one month with final sale occurring within three months of completion.