Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Garwood New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $242,000 with a renovation budget of $183,279 and total loan funded at 90% LTC. This property is a single-family 3-bedroom, 2-bathroom that will receive a vertical addition and transform into 4-bedroom, 2.5 bathroom measured at 2,335 square feet. Renovation is expected to take three months with final sale occurring shortly after completion.