Asset Based Lending recently funded a hard money fix and flip loan in Brooklyn New York. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $528,000 with a renovation budget of $100,000 and total loan funded at 85% LTC. The property is a single-family 3-bedroom, 2.5-bathroom measured at 2,100 square feet. Renovation will be mostly cosmetic with focus on the kitchen and bathrooms, with the kitchen receiving quartz countertops and new stainless steel appliances. Basement will receive vinyl tile flooring, with the rest of the apartment featuring refinished hardwood floors. New windows will be installed in the front and the roof will be re-layered to prevent future ceiling leaks. Project is expected to take three months with final sale occurring shortly after completion.
