Asset Based Lending recently funded a hard money property purchase loan in Kearny New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for for $775,000 with a loan amount of $550,000 funded at 71% LTC. The property is a 3-unit multifamily where each unit is a 2-bedroom, 1-bathroom measured at a combined total 3,807 square feet. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Borrower will wait three months for the bridge loan to season before refinancing and begin collecting monthly rental income.