Situation:

Asset Based Lending recently funded a property purchase loan in Hampton Bays New York. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $990,000 with total loan funded at 77% LTC. The property is a single-family 4-bedroom, 3-bathroom measured at 2,400 square feet. The borrower will continue to hold the property as an income-producing asset with ABL’s rental refinance program. There will be some light landscaping out of borrower’s pocket to improve potential rent. Property is currently vacant but will be rented out ASAP according to local market rate.