Asset Based Lending LLC
66 Hudson Street, Suite 301
Hoboken, NJ 07030
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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.
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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
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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.
Investment Property Loans
Loan Amounts: $50,000 - $50,000,000
Available Rates: 7.99% and up
Typical Terms: 12 months - 24 months
Points Charged: 2% and up
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: 570
Time to Close: 2 DaysFix and Flip Loans
Loan Amounts: $75,000 - $2,000,000
Available Rates: 9% - 12%
Typical Terms: 12 months
Points Charged: 2% - 3%
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/ACommercial Hard Money Loans
Loan Amounts: $75,000 - $2,000,000
Available Rates: 9% - 12%
Typical Terms: 12 months
Points Charged: 2% - 3%
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/ANew Construction Loans
Loan Amounts: $250,000 - $2,000,000
Available Rates: 10% - 12%
Typical Terms: 12 months
Points Charged: 2% - 3%
Max Loan-to-Value (LTV): 60%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/ARefinance / Cash Out Loans
Loan Amounts: $75,000 - $1,500,000
Available Rates: 10% - 12%
Typical Terms: 12 months
Points Charged: 2% - 3%
Max Loan-to-Value (LTV): 60%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/ABridge Loans
Loan Amounts: $75,000 - $2,000,000
Available Rates: 9% - 12%
Typical Terms: 12 months
Points Charged: 2% - 3%
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/A -
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 feeIf 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) -
by Hot Rod 09/21/2024
Very arrogant people, they play hard to get making you waste your time, then even insult your intelligence. not good lenders imo. I have other lenders that really deliver.
Very arrogant people, they play hard to get making you waste your time, then even insult your intelligence. not good lenders imo. I have other lenders that really deliver.by Jaime Brena 01/12/2024
Avoid this company, you can't trust them. This company cancelled a loan at the last minute, with no previous communication, advisement, or warning. My closing date was on Monday and they cancelled the entire transaction on the Friday before, in the afternoon, close to the end of the business day. I couldn't believe the lack of transparency and overall professionalism from the employees at this company. I believe that this company didn't have the money. They offer financial services, but seem to look for the money from other people/companies. When they can't obtain this money, they back out at the last second. I almost lost $10,000 and my business deal. In my case, I was able to find another loan by my closing date. I doubt that the majority of people would be able to find a loan in less than ONE BUSINESS DAY. If you do business with this company, you could end up losing a lot of money. This company is not to be trusted.
Avoid this company, you can't trust them. This company cancelled a loan at the last minute, with no previous communication, advisement, or warning. My closing date was on Monday and they cancelled the entire transaction on the Friday before, in the afternoon, close to the end of the business day. I couldn't believe the lack of transparency and overall professionalism from the employees at this company. I believe that this company didn't have the money. They offer financial services, but seem to look for the money from other people/companies. When they can't obtain this money, they back out at the last second. I almost lost $10,000 and my business deal. In my case, I was able to find another loan by my closing date. I doubt that the majority of people would be able to find a loan in less than ONE BUSINESS DAY. If you do business with this company, you could end up losing a lot of money. This company is not to be trusted.by MARK 10/10/2023
I AM A GUY WHO JUST WANTED A LOAN. I SPOKE TO KYLE MCCANN ON AUG 23.2023 AND HE SAID HE WOULD HAVE FUNDED BY SEPT15TH . I FOLLOWED UP 3 DAYS LATER AND ASKED WHERE MY TERM SHEET WAS BECAUSE HE SAID HE WOULD SEND IT OUT ON THE 23RD. NEVER GOT IT. AT THAT POINT I SHOULD HAVE WALKED AWAY. BUT I SENT IN MY DOCS ON SEPT 2 AND EXPECTED THAT IT WOULD BE PRECESSED BY THE 15TH. I WAS AWAY ON A VACATION WITH MY WIFE WHEN I GOT A CALL SAYING THAT KYLE DIDNT RECIEVE MY DOCS THAT I SENT ON SEPT 2,2023. SO I RESENT BY FORWARDING IT TO HIM ALONG WITH MY BROKER MIKE FARAGASSO. I WAS TOLD IT WOULD BE DONE BY END OF MONTH. I PAID FOR A NEW APPRAISAL EVEN THOUGH I WAS TOLD I WOULDNT NEED ONE. THEN WHEN TJ AND KYLE RECIEVED IT THEY SAID THERE WAS AN ISSUE AS IT WAS A SHORT TERM RENTAL AND THAT THEY NEEDED ADDL INFO FROM THE APPRAISER., WHEN I ASKED KYLE ABOUT IT . HE DIDNT RESPOND VIA TEXT OR PHON EOR EMAIL FOR 4 DAYS. TOTAL;LTLY UNPROFESSIONAL BUT HE HAS BEEN THAT WAY ALL ALONG. THEN A WOMAN AT THE FIRM TOLD ME THAT THEY SPOKE TO BOB THE APRRAISER AND ALL WAS GOOD AND THEN TJ SAID WE COULD CLOSE BY OCT 15TH. BUT THEN I FOLLOWED UP WITH BOB AND HE SAIDF HE HASNT SPOKE TO ANYONE SINCE TUESDAY OCT 3RD. AT THAT POINT I WENT BALLISTIC AND THREW IN THE TOWEL. I STARTED WRITING REVIEWS AND THEY GATED EVERY ONE OF THEM . BUT KEPT WRITING THE TRUTH. ALL THEY HAVE ARE 5 STAR REVIEWS. AMAZING. BUT THEN THE SVP JOE CALLED ME ON SATURDAY IN THE MIDDLE OF THE BAMA-TEXAS A&M GAME AND WANTED TO KNOW WHAT HAPPENED. I TOLD VERY OUNCE OF WHAT HAPPENED AND SENT HIM SCREEN SHOTS WITH DATES AND NAMES. HE THEN TOLD ME TO SEND HIM ALL THE EMAILS. I DID AND HE CLAIMED HE DIDNT GET THE,M. I WANT TO EXPOSE THIS COMPANY FOR WHAT THEY ARE! DISHONEST, UNPROFESSIONAL AND AFRAID TO HAVE THE REAL TRUTH WRITTEN WHEN THEY SCREW UP A LOAN WHICH COST ME DEARLY!P.S IF MANAGEMENT WOULD HAVE THEIR I.T. DEPARTMENT TAKE THE TIME TO LOOK AT MY EMAIL INTERACTIONS INSTEAD OF GATING MY REVIEWS THEY WOULD KNOW I WAS TELLING THE TRUTH. I WOULD BE GLAD TO SHARE WITH SOMEONE AT THE BBB BECAUSE GATING REVIEWS IS A DIRTY SECRET THAT ABL1 IS HIDING
I AM A GUY WHO JUST WANTED A LOAN. I SPOKE TO KYLE MCCANN ON AUG 23.2023 AND HE SAID HE WOULD HAVE FUNDED BY SEPT15TH . I FOLLOWED UP 3 DAYS LATER AND ASKED WHERE MY TERM SHEET WAS BECAUSE HE SAID HE WOULD SEND IT OUT ON THE 23RD. NEVER GOT IT. AT THAT POINT I SHOULD HAVE WALKED AWAY. BUT I SENT IN MY DOCS ON SEPT 2 AND EXPECTED THAT IT WOULD BE PRECESSED BY THE 15TH. I WAS AWAY ON A VACATION WITH MY WIFE WHEN I GOT A CALL SAYING THAT KYLE DIDNT RECIEVE MY DOCS THAT I SENT ON SEPT 2,2023. SO I RESENT BY FORWARDING IT TO HIM ALONG WITH MY BROKER MIKE FARAGASSO. I WAS TOLD IT WOULD BE DONE BY END OF MONTH. I PAID FOR A NEW APPRAISAL EVEN THOUGH I WAS TOLD I WOULDNT NEED ONE. THEN WHEN TJ AND KYLE RECIEVED IT THEY SAID THERE WAS AN ISSUE AS IT WAS A SHORT TERM RENTAL AND THAT THEY NEEDED ADDL INFO FROM THE APPRAISER., WHEN I ASKED KYLE ABOUT IT . HE DIDNT RESPOND VIA TEXT OR PHON EOR EMAIL FOR 4 DAYS. TOTAL;LTLY UNPROFESSIONAL BUT HE HAS BEEN THAT WAY ALL ALONG. THEN A WOMAN AT THE FIRM TOLD ME THAT THEY SPOKE TO BOB THE APRRAISER AND ALL WAS GOOD AND THEN TJ SAID WE COULD CLOSE BY OCT 15TH. BUT THEN I FOLLOWED UP WITH BOB AND HE SAIDF HE HASNT SPOKE TO ANYONE SINCE TUESDAY OCT 3RD. AT THAT POINT I WENT BALLISTIC AND THREW IN THE TOWEL. I STARTED WRITING REVIEWS AND THEY GATED EVERY ONE OF THEM . BUT KEPT WRITING THE TRUTH. ALL THEY HAVE ARE 5 STAR REVIEWS. AMAZING. BUT THEN THE SVP JOE CALLED ME ON SATURDAY IN THE MIDDLE OF THE BAMA-TEXAS A&M GAME AND WANTED TO KNOW WHAT HAPPENED. I TOLD VERY OUNCE OF WHAT HAPPENED AND SENT HIM SCREEN SHOTS WITH DATES AND NAMES. HE THEN TOLD ME TO SEND HIM ALL THE EMAILS. I DID AND HE CLAIMED HE DIDNT GET THE,M. I WANT TO EXPOSE THIS COMPANY FOR WHAT THEY ARE! DISHONEST, UNPROFESSIONAL AND AFRAID TO HAVE THE REAL TRUTH WRITTEN WHEN THEY SCREW UP A LOAN WHICH COST ME DEARLY!P.S IF MANAGEMENT WOULD HAVE THEIR I.T. DEPARTMENT TAKE THE TIME TO LOOK AT MY EMAIL INTERACTIONS INSTEAD OF GATING MY REVIEWS THEY WOULD KNOW I WAS TELLING THE TRUTH. I WOULD BE GLAD TO SHARE WITH SOMEONE AT THE BBB BECAUSE GATING REVIEWS IS A DIRTY SECRET THAT ABL1 IS HIDINGby nayana D 12/16/2019
This company is ridiculous. Clearly this worker Zack dose not write down information correctly and argues with clients and does not listen. I tried speaking to other staff members but the all work together and just say we cannot do the loan , I explained my self to Eric and also a man who claims to be one of the owners that Zack presented him with wrongful information and to fix this issue but I received no help .I have never heard a company that wants a General contractor to be a personal guarantor on a rehab project when the GC is not even the owner of the property. Please dont waste your time I have 15+ projects under my belt. And clearly this company is ran by idiots that dont care to waste peoples time.AVOIDD ATT ALL Cost!!!!!!!!!!!!!Nayana Desai
This company is ridiculous. Clearly this worker Zack dose not write down information correctly and argues with clients and does not listen. I tried speaking to other staff members but the all work together and just say we cannot do the loan , I explained my self to Eric and also a man who claims to be one of the owners that Zack presented him with wrongful information and to fix this issue but I received no help .I have never heard a company that wants a General contractor to be a personal guarantor on a rehab project when the GC is not even the owner of the property. Please dont waste your time I have 15+ projects under my belt. And clearly this company is ran by idiots that dont care to waste peoples time.AVOIDD ATT ALL Cost!!!!!!!!!!!!!Nayana Desai
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