Asset Based Lending recently funded a property purchase and rehab loan to a first-time borrower and experienced real estate investor in Brewster New York. The borrowers for this deal own 5 multifamily properties that they hold as rental properties, all of which have 10 units or more. This multifamily property is currently occupied, and the tenants are on month-to-month leases while the borrower starts renovations. Once renovations begin, they will have the option to relocate during renovations and return once they are complete. The plans for this renovation include updating all the kitchens with new cabinets, granite countertops, and stainless-steel appliances. The bathrooms will be completely updated with new vanities, toilets, and tubs, luxury vinyl plank flooring will be installed throughout the home, and the entire interior will be painted. Once renovations for this property are complete the borrower will refinance and hold in their real estate investment portfolio.
