Situation:

Asset Based Lending recently funded a hard money fix and flip loan for a multi-family 3 in Irvington, NJ for a repeat borrower. The borrower had financing lined up with a conventional lender who backed out at the last minute, so ABL was asked to rescue the deal. The subject property is a fully occupied double lot, with a buildable area for the future. Fully rented as-is, the property needs little to no renovations. The borrower intends to transition the property to a long term rental loan soon after acquisition, and hold the property for his rental portfolio.