Situation:

Asset Based Lending recently funded a hard money cash out loan in Littleton MA. The borrower is a first-time borrower and full-time real estate investor. This is a cash out only loan that the borrower is using to cover the purchase price and closing costs on another investment property, allowing them to expand their real estate business quickly. The cash out is based on the value of a property that the borrower currently maintains in their rental portfolio, which is a 3-bedroom, 1.5-bathroom measured at 912 square feet. ABL will provide the cash out funds at deal closing that the borrower can use towards the construction of a 4-bedroom, 3-bathroom 2800 square foot Colonial home.