Asset Based Lending recently funded a hard money fix and flip loan in Dover New Hampshire. The property is a six-unit multifamily with five units being 2-bedroom, 1-bathroom and one unit being 3-bedroom, 1-bathroom. After renovation, there will be a seventh studio unit included in the property. Due to the level of renovation needed across these seven units, the borrower was granted a 15-month loan term instead of the typical 12 months. These units will receive high-end finishes, new luxury floors, new trim throughout, and small repairs to the roof and siding. The bathrooms will be gutted and receive all new tiles, vanities, and tubs & showers. Kitchens will receive real wood cabinets, granite counters, high-end appliances, and washer & dryers in each unit. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. Project is expected to take up to nine months with the borrower refinancing shortly after completion.
