Asset Based Lending recently funded a hard money fix and flip loan in Bristol Connecticut. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $235,000 with a renovation budget of $92,400 for a total loan funded at 89% LTC. This single-family home is a 3-bedroom, 2.5-bathroom measured at 2,276 square feet. Renovation will be mostly cosmetic along with various repairs to the interior and exterior. Updates will include replacing several windows, sanding and staining hardwood floors, cleaning carpets in bedroom, finishing the basement, and applying fresh coat of paint to the entire interior. Kitchen will receive granite counters and new stainless steel appliances, while the bathrooms receive cosmetic work except for the master bathroom undergoing gut renovation. Project is expected to take three months with final sale occurring shortly after completion.
