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 is a two-unit multifamily with the first unit being 1-bedroom, 1-bathroom measured at 600 square feet and the second unit being 3-bedroom, 1.5-bathroom measured at 1,300 square feet. The first unit will be converted into 2-bedroom by shortening the living room and kitchen areas to make room for the second bedroom. Cosmetic updates to the units include replacing windows, adding eight-inch base molding, and upgrade to recessed lighting. Kitchens will be highlighted by new island, quartz countertops, crown molding around the cabinets, and high-end stainless steel appliances. Bathrooms will be retiled and receive new vanities, toilets, and fixtures. Project is expected to take four months with final sale occurring shortly after completion.
