Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Colonia New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $238,000 with a renovation budget of $150,000 and total loan funded at 89% LTC. The property is a single-family 3-bedroom, 1-bathroom measured at 1,420 square feet that will have a second floor added to become a 4-bedroom, 3-bathroom measured at 2,000 square feet. Home will feature hardwood floors, panel doors, and 4.5-inch moldings. Kitchen will feature granite or quartz counters, tile backsplash, and custom shaker cabinets.