Asset Based Lending recently funded a hard money fix and flip loan in Chicago Illinois. The borrower is a first-time ABL borrower and highly experienced real estate investor. They focus on multifamily properties and stabilize them after renovating the buildings. The property is a 12-unit multifamily with identical 2-bedroom, 1-bathroom units measured at 1,100 square feet. Renovation will be mostly cosmetic, focusing on replacing or refinishing flooring in units, fixing property’s exterior light fixtures, updates to the electrical and plumbing, and adding security systems and cameras to the property. Project is expected to take approximately six months, and then the borrower will refinance to hold the property in their rental portfolio.
