Situation:

Asset Based Lending recently funded a hard money blanket loan for the purchase and rehab of a mixed use property in Maplewood, NJ. The borrower, an experienced real estate investor and real estate agent, is using some of the equity in a free and clear investment property in Clementon NJ to help fund the down payment for the Maplewood project. The mixed use property consists of 3 commercial units and 2 residential. The $45,000 rehab budget will be used to renovate the residential units and 1 of the commercial units including new flooring, upgrading the electrical system, repairing sheetrock, and other updates throughout.