Asset Based Lending recently funded a hard money fix and flip loan in Allentown Pennsylvania. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $415,000 with a renovation budget of $2,391,000 with total loan funded at 85% LTC. Currently the property is a four-story brick-exterior warehouse that is zoned and ready to be converted to a 20-unit residential complex. The borrower will be holding this property as an income-producing asset using ABL’s rental refinance program. Units will range in size from studio up through two-bedrooms, with the overall building square footage measuring at approximately 27,000 square feet. Each unit will feature 9-foot-high ceilings, wood vinyl floors, and solid core doors. The kitchens will be highlighted by granite countertops, stainless steel appliances, wood cabinets, and tile floors. Property amenities will include lounge and gym in the basement, as well as additional storage units. Project is expected to take between 9 and 12 months with the loan refinance occurring shortly after completion.
