Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Jersey City New Jersey. The borrower is an experienced real estate investor that is working with ABL for the first time. This blanket loan covers the renovation for three units of a luxury condominium including the addition of a new floor to create a fourth unit. The property was purchased for $1,350,000 with a renovation budget of $1,303,000 and total loan funded at nearly 82% LTC. Each unit is a 3-bedroom, 2-bathroom designed around a 20×70 floor footprint for a total square footage of 6,160 with the top and bottom floor being duplexes. Units will be highlighted by beautiful finishes such as quartz kitchens and granite or marble baths, top-level sound proofing, individual HVAC systems, and more. Renovation is expected to take up to 9 months with the expected sale for all units occurring within 5 months of completion.