Miami FL Fix & Flip Featured Deal

Fix & Flip Deal in Miami, Florida

Paul Barash, Asset Based Lending’s Assistant Vice President of Lending in Florida, recently closed a refinance and construction completion loan on a halfway completed build in Miami, Florida.

The borrower discovered ABL online and after completing the first 50% of construction with their own capital, came to ABL seeking leverage to finish the project.

The borrower is a high-end investor in Miami with extensive real estate experience and specializes in large scale flips from start to finish using their own capital.

Paul explained to the investor that instead of using their own money, they should work with ABL to finance the remainder of the project.

After a couple weeks of discussions, the borrower chose to use ABL’s bridge loan to finish the project.

The property was purchased for $850,000 with a full construction budget of $1,916,430.

ABL was able to pay off the existing conventional lien for the purchase, finance the remaining $687,480 in construction, as well as cash the borrower out for some work completed with a total-loan amount of $1,500,000.

The scope of work for this luxury property encompasses a mid-construction lot featuring a slab-on-grade foundation and a stucco façade covering the structure. The roofing includes tile, while ESW impact windows surround the space, accompanied by a large impact front door.

Inside the ceilings vary, with the main entrance living room, kitchen, dining room, and family room boasting 14-foot ceilings, while the remainder of the home maintains 11-foot ceilings, with coffered ceilings accentuating the master bedroom.

Italian tiles, measuring 48×48 inches and polished to a gleaming white, charm the floors throughout, complemented by sleek and modern solid white wood doors featuring magnetic handles. The kitchen is equipped with Sub-Zero appliances, already purchased and awaiting installation.

Each bedroom’s bathroom has two sinks, except for the guest rooms and half baths, which have one sink. All bathrooms have walk-in showers. In the master suite, there’s a big bathtub and a walk-in shower, with large custom tiles making the bathroom look especially luxurious.

A spacious walk-in closet is situated off the master hallway. Baseboard molding is consistent throughout the property, and an 800-square-foot gazebo adds outdoor appeal. The timeline for completion of this future $4.8MM home is estimated at 6 to 9 months.

When evaluating a luxury property, ABL’s underwriters like to discuss the quality of finishes with the borrower for several reasons.

Firstly, the quality of finishes directly impacts the property’s overall value. Luxury properties are often distinguished by high-end materials, superior craftsmanship, and attention to detail.

Understanding and agreeing upon the specific finishes ensures that the property maintains its luxury status and its appraised value accurately reflects its worth.

Luxurious finishes can also attract potential buyers who are willing to pay a premium for a well-appointed home.

By discussing and confirming the quality of finishes before closing, ABL’s underwriters can get comfortable with the investor’s strategy and luxury market acumen, while the borrower gets comfortable that ABL understands their market and business plan.

The borrower and Paul have developed a great relationship and talk often about new potential projects to work on together.

Paul has 25 years of experience in the mortgage industry across every single role, bringing a depth of personal knowledge and expertise that few have in the business.

Paul received his Bachelor’s in Business Administration from Lynn University and started his career as a loan opener for Americas Best Lending Network where he continuously worked his way up from processor to underwriter, to sales manager, and eventually President of the company.

Outside of work, Paul has three incredible daughters, including twins who are on collegiate volleyball scholarships and one currently training to be a financial planner.

To learn more about Asset Based Lending’s Fix & Flip and New Construction loan programs, or to work with Paul on potential deals in Florida, get qualified today.