Situation:

Asset Based Lending recently funded a fix and flip loan in Jersey City New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $585,000 with a renovation budget of $436,000 and total loan funded at 94% LTC. This property is a two-unit multi-family that will be converted into a two-unit condominium after a 40-foot addition to the existing property is completed. Both units will be 4-bedroom, 2.5-bathroom with the ground unit measured at 1,686 square feet and second floor unit measured at 1,726 square feet. Floor unit will have access to finished basement and wet bar, while second flor unit will have access to private roof deck. Property will feature 10-foot-high ceilings, hardwood floors throughout, and large open window façade. Kitchens will feature tile backsplash, high-end stainless steel appliances, quartz countertops, and modern finishes. Project is expected to take between eight and ten months, with final sale occurring within two months of completion.