Situation:

Asset Based Lending recently funded a hard money property purchase loan in Woodstown, NJ. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $250,000 with the total loan funded at 80% LTC and 74% LTV. This property is a mixed-use property with 3 commercial units and 3 residential units measured at a total 5,296 square feet. The borrower plans on holding the property as an income-producing asset through our rental refinance program. The current commercial tenants will remain in place while residential units will be rented out for slightly under-market prices.