Business ProfileforAsset Based Lending

Avoid this company Asset Based Lending LLC.You can't trust them. This company Asset Based Lending LLC. 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 Asset Based Lending LLC., you could end up losing a lot of money. This company is not to be trusted.*******************************************************

Hi *****-First, I want to acknowledge that I understand all delays or cancellations during the loan process are extremely stressful and I apologize if any of the communication on our end was unsatisfactory. However, it seems necessary to address the specifics of this situation in particular. For the more than a decade weve been in business, 60% or more of our borrowers have been repeats. There are many reasons for this, but one of them is that they see us as a trusted partner using our wealth of experience to give their projects the best chance of success. In this case, the appraisal on your project came back just a couple days before the loan was supposed to close and about $100,000 lighter than you had estimated. In fact, the as-is value was less than you were purchasing it for. After reviewing the numbers it became clear that this deal would not be profitable for you. Perhaps we still wouldve been paid our interest and been OK as the lender, but any minor delay or unforeseen issue with the deal would have caused you to lose money. We simply dont lend on projects where there is a high likelihood of our borrower losing money on the transaction. In regards to your comments about ABL not having the money, that is untrue. We have over $400 million currently deployed, recently closed a $150 million dollar securitization, and have the balance sheet and credit facilities that have allowed us to lend and grow consistently since 2010. In fact, at the start of Covid in 2020 and during the market volatility over the last 2 years other lenders have suspended lending or gone out of business while ABL has grown. Weve done this by managing flexible and reliable capital, making good loans, and being a trusted advisor to our borrowers. We would welcome the opportunity to discuss further, or try to work together on another project so you can see why thousands of real estate investors trust ABL with their business every year.