Asset Based Lending, LLC Announces 1st Full Year Results of its ABL One Fund of 11.79%
Hoboken, NJ (PRWEB) July 31, 2013 -- Asset Based Lending, LLC is pleased to announce that its ABL One fund reported 2nd Quarter 2013 results of 2.985% net of fees, and Year to Date through June 30, 2013 results of 5.811%, net of fees. The Fund return for its first full year of operation was a net 11.79%. The fund has generated positive returns every month since its inception in June 2012. As of June 30, the fund had $9.9 million in capital allocated to 71 separate investments.
• 64% of Fund assets were in suburban communities
• 36% in urban areas.
The Fund’s average coupon was 13.7% and it collected 3.8% in borrower paid points at loan close. To date, the fund has no losses or foreclosures.
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.
“The net returns that are being delivered from the Fund are consistent with our original expectations, says Paul Ullman Chief Investment Officer of Asset Based Lending and co-Manager of the ABL One fund. Almost all of our borrowers are professionals who are investing in residential real estate as their principal business.
The real estate markets in our lending areas continue to improve as they do around the country, though it remains very town and neighborhood specific. Some of the more upscale suburban communities, where we have funded projects, are up anywhere from 5-10% over the course of the prior 12 months. But in other local urban and suburban areas that continue to be burdened with foreclosure overhang, are unchanged or lower in price over the last year.
Paul Ullman, Asset Based Lending, LLC, http://www.abl1.net, 201-942-9090, [email protected]
Share this article