Listen to this articleABL’s main mission is to help small business owners, real estate investors, and commercial contractors quickly and efficiently finance their business activities. ABL fund fix and flip, new construction, and cash out refinance projects for non-owner occupied properties. Below is our interview with Eric Krattenstein, Chief Marketing Officer at Asset Based Lending:
Q: You’ve recently announced the launch of your marketplace for real estate investors; tell us something more?
A: This is a really exciting development for us. We’ve always prided ourselves on being a complete resource for our borrowers, and the wholesale property marketplace is the next step towards that goal. Historically, fix and flip investors spend a ton of time searching for and researching potential investment properties. This makes sense since finding the right property is the foundation of a profitable deal – but that doesn’t change the fact that with only so many hours in a day, investors struggle to make the time to manage current projects and search for their next one.
The new online marketplace for investment properties aims to reduce the amount of time investors spending looking for deals by aggregating available wholesale inventory right on our website.
Q: What are main benefits for real estate investors?
A: We’ve partnered with real estate technology startup Hoozip to build a marketplace with a suite of features designed to make the new property research and identification process quicker and easier for fix and flip investors. A couple of the features that investors will find most helpful are:
- Property Filter: Investors can easily sort through the online inventory of properties to find the ones that match their target criteria. Filters like zip code, property type, price range, and repair estimate help investors narrow down the potential properties to those in their comfort zone.
- Deal Calculator: Each property listing can be quickly run through our proprietary deal calculator that will allow the investor to quickly simulate deal scenarios, estimate deal costs and project return on investment.
- Generate Reports: When a wholesaler adds a property, the system automatically looks for comparable properties and other publicly available data. Premium options are also available where the investor can access insights about the history of the property, ownership status and potential title issues.
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Q: Could you provide our readers with a brief introduction to Asset Based Lending?
A: Since 2010, Asset Based Lending (ABL) has been helping real estate investors fund the purchase and rehabilitation of investment properties in New Jersey, New York, Pennsylvania, Connecticut, Massachusetts, Maryland, Washington D.C., Florida, and Virginia. We’ve funded almost 900 loans in the last 6 years, with proceeds in excess of $200 million.
As a hard money lender that works only in the investment real estate market, ABL’s loan programs are designed to offer more flexible underwriting criteria and a much quicker closing process compared to traditional lenders.
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Q: What are your plans for next 12 months?
A: Quite simply, our plan for the next 12 months is to continue originating high quality loans, and helping real estate investors fund their deals with as little headache as possible. We’re on track to originate around $90-100 million in hard money loans this year.
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Q: What’s the best thing about Asset Based Lending that people might not know about?
A: There are a couple things about ABL that many people don’t know until they work with us. I think the one thing that many people are pleasantly surprised about is how quickly we work. Everything from our response time for new inquiries (within 1 hour), to the time it takes to get to the closing table (as little as 2 days), we’re proud of our ability to work quickly and efficiently. Of course, for real estate investors, that speed often makes the difference between being able to capitalize on a profitable opportunity or missing it altogether.
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