Situation:

Asset Based Lending recently funded a property purchase loan in Harrisburg Pennsylvania. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $320,000 with a total loan amount of $287,000 funded at 90% LTC. The property is a single-family 4-bedroom, 3-bathroom measured at 4,275 square feet. The borrower will hold the property as an income-producing asset with ABL’s rental refinance program. Property is highlighted by two full kitchens and outdoor swimming pool. Borrower will do some light cosmetic work on their own while the initial purchase loan seasons and will refinance into a fixed rental loan after three months.