Asset Based Lending funded a hard money fix and flip loan in Union New Jersey for a repeat borrower and full-time real estate investor. The property was a 1,000 square-foot single-family ranch that the borrower planned on expanding to 2,000 square feet with a vertical addition, adding a complete second floor that transformed the property into 4-bedroom, 3.5-bathroom. Property was purchased for $165,000 with a renovation budget of $187,000 with total loan funded at 89% LTC. The borrower specializes in new construction and large-scale rehab projects that they have funded through Asset Based Lending dozens of times before. The goal of this project would be to create an affordable, mid-range home with beautiful finishes and versatility with its additional floors that entices first-time home buyers or growing families looking for more space.

Project took a few months for the renovation and ended up being sold for $495,000, which is $50,000 more than the expected ARV! With an additional floor that contained rooms such as the master bedroom, rec room, and office study, this single-family home achieved more than 10% higher of its estimated sale price.  Home received a finished basement with full bathroom, hardwood floors throughout both floors, tray ceiling in the master bedroom, and a kitchen highlighted by recessed lighting and granite countertops. The investor continues to be an active repeat-borrower with Asset Based Lending, choosing us as their hard money lender for fix and flips as well as new construction.