Asset Based Lending recently funded a hard money fix and flip loan in Downers Grove Illinois. The borrower is a first-time borrower and experienced real estate investor. The borrower had another lender lined up, but they changed terms at the closing table and the borrower left to find a reliable lender that could close fast, so they came to ABL. The property is a single family 2-bedroom, 1-bathroom measured at 1,500 square feet that will be converted to 4-bedroom, 3-bathroom measured at 2,950 square feet. Renovation will include new shingle roof, Hardie board siding, new windows, hardwood floors with carpet in bedrooms and tile in bathrooms, and mid-grade finishes throughout. Kitchen will receive white maple cabinets, quartz countertops, and stainless steel appliances. Bathrooms will be highlighted by maple vanities and tub & shower combo, with the master bath having a glass & tile shower. Project is expected to take up to eight months, with final sale occurring shortly after completion.
