Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Middletown NJ for a repeat borrower with extensive real estate investing and construction experience. The property was purchased for $250,000 with a renovation budget of $113,000 and total loan funded at 90% LTC. The investor plans to sell the property for approximately $525,000 upon completion. The property is a single-family detached home measured at nearly 2200 square feet featuring 4 bedrooms and 2 bathrooms. The original homeowners unfortunately dealt with a bad general contractor, leaving majority of the property a shell in need of finishing. The square footage and footprint will remain the same, but floorplan is being changed. Mid-grade finishes will be applied to the kitchen and bathrooms, and all further renovations will follow previous property plans.