Situation:

Asset Based Lending recently financed this hard money loan for the purchase and rehab of a 3-family property in Newark, New Jersey. The borrower is an experienced real estate investor and repeat ABL borrower who qualified for a loan at 75% of ARV for this project. The $82,000 scope of work calls for gutting all kitchens and bathrooms, refinishing the hardwood floors throughout, installing new boilers and water heaters, as well as other interior and exterior cosmetic upgrades.