Asset Based Lending recently funded a fix and flip loan with a first-time borrower and real estate investor in Asheville, North Carolina. The property was purchased for $231,500 with a renovation budget of $81,500 and a loan amount of $266,000. The scope of work for this project encompasses both interior and exterior renovations. Inside the house, the kitchen will be upgraded with new wood shaker cabinets, granite countertops, and stainless steel appliances. The floors will undergo refinishing with wood and the installation of LVP flooring. Comprehensive painting will be done throughout the interior, alongside rough-in electrical and plumbing work. The bathrooms, which are already in good condition, will receive minor touch-ups as specified by the borrower. On the exterior, the roof will be replaced with new 30-year asphalt shingles. Some vinyl siding and gutters will be replaced, and the porch will undergo repairs. Additional exterior work includes landscaping, pressure washing, replacing the porch’s foundation posts, and exterior painting. The borrower anticipates two months for rehab and two months to sell.
