Borrower contacted ABL for a loan after an online search. Borrower had experience as a project manager for larger renovation projects.. A general contractor was hired to do the work. Potential problems revolved around the relative complexity of the rehabilitation, as it involved substantial water damage, roof repair, upper level exterior renovation, interior wall rearrangement, and new bathrooms and kitchen. Permits and timelines were also a concern.
The project was completed with very high quality renovations. Although sale price was somewhat lower than expected, the time on market was very short. Permits and inspections did complicate the project to some extent, but a high profit margin was still achieved.
