ABL Announces significant rate drop for hard money loans
Hoboken, NJ (PRWEB) October 07, 2016 -- Asset Based Lending (ABL) has announced a significant reduction in annual interest rates for experienced real estate investors. The new rate matrix, effective immediately, allows qualified real estate investors to borrow short-term hard money loans with annual interest rates as low as 9% and with origination fees as low as 2%. As one of the region’s premier hard money lenders, this rate drop announcement further solidifies Asset Based Lending’s mission to be the preferred lending partner to real estate investors up and down the East Coast.
“We’ve always valued loan quality above all else, placing a higher importance on the profitability of the deal and the experience of the borrower than any other underwriting factor,” says ABL Partner Kevin Rodman, “This new rate structure allows us to continue making sound loans to great borrowers by providing the top-shelf service they need with the competitive rates the market demands. ABL remains committed to our quick response and excellent service.”
The new rate matrix adjusts the annual interest rate range for all borrowers from 12% - 14% to 9% - 12%, and the range of origination points from 2% - 4% to 2% - 3%. In addition, Asset Based Lending has increased its maximum Loan-To-Cost for qualified fix and flip investors from 80% of the property purchase price and 100% of the renovation costs to 90% of the purchase price and 100% of the renovation costs. For new construction projects, Asset Based Lending has increased its maximum advance rate on land purchase to 60% of the land purchase cost and 100% of the construction.
Asset Based Lending, LLC is a direct hard money lender that specializes in helping real estate investors finance fix and flip projects, new construction, and cash out refinances. ABL’s hard money lending programs fund non-owner occupied real estate investments up to $2 million in New Jersey, New York, Connecticut, Pennsylvania, Massachusetts, Maryland, Florida, Virginia, and Washington D.C. Since its inception in 2010, Asset Based Lending has funded over 850 real estate transactions with loan proceeds in excess of $185 million. For more information, visit http://www.abl1.net or call (201) 942-9089.
Eric Krattenstein, Asset Based Lending, LLC, http://www.abl1.net, +1 (201) 942-9090, [email protected]
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