Speakers: Michael L
How long have you been working with ABL?
Michael L: Hey, Mike here with property possible, just wanted to leave a great review of working with Asset Based Lending I think we're going on our at least 15th deal of the year with them. We do about 30 to 40 in the New England area Uh, started working with ABL about a year ago and had a great experience so far, everything's gone smooth. I've basically thrown everything in the kitchen sink at these guys and they've always found a way to handle it. Get the deal's done. Obviously if you're watching this video, you're probably a house flipper as well. So you know how important it is to, you know, meet those deadlines hit the closed dates and you know, do what you say you're gonna do. And Asset Based Lending has been always there for me. They've got a wide variety of loan products. You can go down as, you know, as low as 8%. Uh you know, all the way up is to 12% no points. Uh so just uh they try to tailor make the situation uh to benefit your business. So I am a repeat customer. I would use them again and again. Uh Next segment I would say is, you know, how quickly do you get your money? Um that's the other thing when you're requesting draws, do they come in fast enough? And uh so far with with asset-based lending, we we submit a draw request. Um we're getting things scheduled and usually funded within 48 hours of a draw requests. So um that is always very important, keeps all the subcontractors paid, keep the cash flow in a good situation. So happy on that front, happy on their underwriting and their processing, everything goes pretty smoothly. And then just to support from the local team and then especially the loan officer shout out to Mike Chadwick. he is responsive, you know know, answering my questions within essentially minutes. Um, so I love the support that I'm getting over there with Asset Based Lending and I will continue to use them for basically all my other fix and flips. Uh, and just keep up the good work over there guys. Thanks a lot for all the business and and looking forward to doing a hell of a lot more in 2022.
What do you appreciate most about working with ABL?
Michael L: I'd say the things I appreciate most working with Asset Based Lending is the communication. That's a, that's a big factor for me. So, um, we're obviously in a high pressure environment and when you ask a question, you know, you expect answers quickly. Uh, if you run into a problem, you expect those get resolved quickly. Um, and so far I think, you know, ABL has really knocked it out of the park on, on those fronts. Um, any other questions or concerns that I have get addressed right away. Um, they're meeting all my deadlines, whether it comes to closing they're pressing the attorneys, pressing the appraisers, pressing anybody who needs to get pressed to, uh, you know, to meet the guidelines. So you've got somebody in your corner fighting for you to get the deal done. And uh, it's just good to have that in your, in your corner.
What kind of projects do you use ABL for?
Michael L: So the kind of projects I use Asset Based Lending for um is essentially commercial and residential rehab. Um and development. So I've bought 10 unit buildings with them. We just recently closed on a 40 unit package. Um We've done small fix and flips. They've even helped facilitate on on wholesale deals. So we'll just double close, we'll use ABL to come in there, provide the financing and then we'll go in and transfer that over to the uh the next owner. So um honestly it's, I wouldn't say that they're really handcuffed to a certain deal. Um They're willing to hear anything if it makes sense and it's kind of within their parameters. I think they'll they'll end up doing it. So I use them from single family new construction all the way to, you know, a 40 unit multi family purchase. That requires some serious renovations. So um I use them for a wide variety of projects.