Situation:

Asset Based Lending recently funded a hard money property purchase loan in Boston Massachusetts. The borrower is a repeat borrower and full-time real estate investor that closes many deals each year. The property was purchased for $1,225,000 with the total loan funded at 90% LTC. This property is one three-level unit in a highly desirable townhome with private parking. The unit is 3-bedroom, 3-bath measured at 1,205 square feet. The previous owner purchased the unit and decided that they did not like living in the city, so the borrower was able to acquire the unit at a discount. Borrower will list unit ASAP and expects to sell for above asking price.