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 $595,000 with a renovation budget of $589,500 and total loan funded at 90% LTC. This property is a two-unit condo with both units being 3-bedroom, 2.5-bathroom measured at a combined 5,000 square feet. The first unit will have access to a newly finished basement while the second unit will have access to a new roof deck. Kitchens will receive quartz countertops, lacquer finished cabinets, waterfall island, and stainless-steel appliances Bathrooms will receive wall tile from floor to ceiling, quartz vanities, and glass enclosures. Renovation is expected to take approximately nine months with final sale occurring shortly after completion.