Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Rockaway NJ. The borrower is a repeat borrower and professional real estate investor. The property was purchased for $255,000 with a renovation budget of $120,000 and total loan funded at 85% LTC. The borrower will refinance and hold the property as an income-producing asset with our rental refinancing program. This mixed-use property has a bottom floor retail space measured at 1050 square feet that will remain vacant and the upstairs floor is zoned to be rented out as two apartments that are each 2-bedroom, 1-bathroom measured at 1050 square feet. Rehab is expected to take approximately four months and will focus on making the commercial space move-in ready through gut renovation.