Asset Based Lending LLC

About Asset Based Lending LLC

Asset Based Lending LLC is a Hoboken, NJ based hard money lender who offers funding in 9 states across the US. They offer loans for a variety of scenarios, including new construction loans, hard money refinancing, loans for investments properties, private commercial loans, short term loans, and fix-and-flip hard money loans. They provide terms up to 1 year, loan amounts ranging from $75,000 to $2,000,000 with a maximum LTV of 65%, and rates ranging between 9% and 12%. They do not require a minimum credit rating to receive a loan. They primarily offer loans for single family homes, multi-family units, and mixed use spaces.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Mixed Use

Areas Served: CT, FL, MD, MA, NJ, NY, PA, VA, DC

Lending Guidelines for Asset Based Lending LLC

Below are the general loan guidelines published on the Asset Based Lending LLC website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Asset Based Lending LLC.

Loan Example 1

Beatrice finds a property in Brooklyn, NY to rehab and re-sell. Since she doesn't have enough cash on-hand to acquire the $340,000 house outright, she takes out a fix and flip loan from Asset Based Lending LLC. The loan-to-value (LTV) on the loan is 70%. This means that Beatrice will need to bring 30% of the purchase price to the closing and the principle will be $238,000 on the deal. The terms of the deal also include a five percent origination fee that will be paid at the closing and a 12 month, interest only note with a 13% rate of interest.

In accordance with the parameters of the loan, Beatrice will need to contribute a $11,900 origination fee plus 30% of the purchase price, or $102,000, since there is a 70% LTV. Asset Based Lending LLC will collect $2,578 in monthly interest payments from the borrower. This is computed by taking the full note amount of $238,000, multiplying by the 13% rate of interest, and then dividing that number by 12. Assuming Beatrice sells the remodeled house for $442,000 at the end of the 12 month term, her total profit (not including renovation costs) would be $59,160. This is computed by taking the sales price ($442,000) and subtracting the principle ($238,000), the origination fee ($11,900), the cash she brought to closing ($102,000), and the total interest payments ($30,940).

Loan Example 2

Jordan finds a duplex in Brooklyn, NY to rehab and resell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from Asset Based Lending LLC with the following parameters:

$210,000 purchase price
70% loan to value (LTV)
12 month term
14% interest rate
2% origination fee

If Jordan accomplishes her goal of a $262,500 sales price, the final numbers of the project will be the following:

$262,500 sales price
- $147,000 loan principle (70% LTV)
- $63,000 down payment (30% on 70% LTV)
- $2,940 origination fee (2% of the $147,000 principle)
- $20,580 total interest paid (12 months x 14% interest)
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= $28,980 total profit (doesn't include taxes or rehab costs)