Housing demand has recently exceeded supply in certain areas and the biggest road block is availability of traditional bank loans
Hoboken, NJ (PRWEB) May 21, 2013
Asset Based Lending, LLC is pleased to announce that its ABL One fund reported 1st quarter 2013 results of 2.719% net of fees. The fund has generated positive returns every month since its inception in June 2012. As of March 31st, the fund had $8.6 million in assets in 63 separate investments. 60% of Fund assets were in suburban communities and 40% in urban areas. The Fund’s average coupon was 13.7% and it collected 3.8% in borrower paid points at loan close. Since the inception of the company in 2010, Asset Based Lending has completed 131 loans and investments in excess of $18 million without loss.
Asset Based Lending (ABL) lends to residential real estate investors to finance the purchase and rehabilitation of single and multi-family properties and residential new construction. The firm provides hard money loans to finance the purchase and rehabilitation of distressed and foreclosed residential and mixed-use commercial properties, REO financing, as well as construction loans. ABL is actively lending in New York, New Jersey, Connecticut, Pennsylvania, Maryland, Virginia, and Washington D.C.
Since the beginning of the year, housing prices appear to have reached a sustainable bottom nationwide and have begun to go up in certain areas. “Housing demand has recently exceeded supply in certain areas and the biggest road block is availability of traditional bank loans,” says Daniel Leyden, co-founder of ABL. We are seeing good loan demand from a variety of borrowers, especially for short-term bridge loans. The majority of our borrowers have at least some experience buying, rehabbing and selling 1-4 family residential homes and many have substantial experience. A smaller number have experience in larger projects. In the markets in which we operate, we continue to see opportunities to grow. There is a significant inventory of 2-4 unit projects in Essex, Union and Hudson counties in New Jersey; Long Island continues to offer attractive opportunities in single-family suburban homes; and we have a growing business in Pennsylvania in the Lehigh Valley and in the upscale suburbs of Philadelphia.