JERSEY CITY, N.J., Nov. 13, 2020 /PRNewswire-PRWeb/ -- Asset Based Lending (ABL) is proud to announce that October was a monumental month, marking a return to pre-COVID business levels. The ABL team funded 57 loans for a total of $15.75 million in loan proceeds, which included loans for fix and flips, new construction, rental refinances, and bridge cash out refinances. Asset classes spanned the spectrum of small-balance non owner occupied investments including single-family, multi-family, and condo properties across five different states.
Loan sizes ranged from $93 thousand to $1.1 million, with approximately half of October's borrowers being repeat borrowers. Two of the loans were closed from start to finish in less than one week, highlighting the speed ABL offers to investors. ABL also received over $10 million in loan payoffs and processed 80 individual construction draws throughout the month.
"We're thrilled and humbled that our borrowers continue to place their trust in us during exceptionally complicated times. A month like this is a testament to the incredible work our team does from start to finish - originations through draw management and payoff," said Eric Krattenstein, Chief Marketing Officer and Head of Sales for Asset Based Lending. "We take an immense amount of pride in being trusted lending partners to our borrowers and will continue to work towards exceeding expectations at every step of the process."
Earlier in October, Asset Based Lending improved on already industry-leading lending options by lowering interest rates and increasing the maximum leverage available to investors across all core lending programs. At the time of writing interest rates are as low 9% and 1 point for qualified investors, with fix and flip leverage up to 90% LTC and new construction leverage up to 85% LTC.
ABL's upward trajectory coincides with larger market trends- nationwide inventory shortages are causing homes to sell before renovations or construction have begun. Specifically, new residential construction has risen to 5-year highs with 1,553,000 new residential housing permits registered in September 2020. Pre-COVID, ground-up construction accounted for approximately 20% of new originations for ABL, but that number has quickly risen to approximately 30% and is expected to continue increasing with demand.
Asset Based Lending is the premier hard money lender for real estate investors. ABL has been lending for over a decade throughout New Jersey, New York, Connecticut, Pennsylvania, Massachusetts, Maryland, Florida, Virginia, and Washington D.C, building strong relationships with borrowers and partnering with investors as they grow their real estate investment businesses. ABL never stopped lending throughout the COVID lockdowns, continuing to fulfill our commitments to both new and returning borrowers throughout the pandemic.
For more information, call Asset Based Lending at 201-942-9089 or email at [email protected].
Media Contact
Eric Krattenstein, Asset Based Lending, LLC, +1 (201) 942-9090, [email protected]
SOURCE Asset Based Lending, LLC
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