Asset Based Lending recently funded a hard money fix and flip loan in Brooklyn, New York with a first-time borrower and real estate investor. This single-family property was purchased for $202,500 with a construction escrow of $20,000 and a loan amount of $182,000. The scope of work for the property includes replacing the countertop with quartz and considering replacement or painting of the cabinets, installing tile flooring in the kitchen and bathrooms (recently replaced carpet excluded), incorporating brand-new stove and fridge appliances (installed by the current owner), replacing tubs, sinks, and toilets in the bathrooms, and painting the entire property. The borrower expects a 4–6-month timeline to complete the renovations.
