Situation:

Asset Based Lending recently funded a hard money purchase-only loan in Kennett Square, PA. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $265,000 and ABL funded nearly 85% of the purchase price with a loan of $224,000. The borrower plans on refinancing and holding the property as an income-producing asset through our rental refinancing program. This property is a single-family 4-bedroom, 2-bathroom measured at approximately 1350 square feet. The home recently received full renovation to the kitchen, bathroom, and roof and is ready to be rented ASAP.