Asset Based Lending recently funded a cash out and fix and flip project for a first-time borrower and experienced real estate investor. The borrower purchased two lots, one containing a mixed-use building with a commercial space on the first floor, the other is an open lot. For the mixed-use property, the borrower will convert the commercial space to another apartment bringing the unit count to four. The exterior of this building will be updated with a new roof and gutters, new windows, and siding. For the interior, the borrower plans to install new heating and air conditioning, luxury vinyl tile throughout the building, granite countertops and stainless-steel appliances in the kitchens, and completely renovate the bathrooms. Once renovations are complete in approximately 7 months this borrower will list the property for final sale. If the borrower is unable to sell the property, they are prepared to keep it and rent the units and collect monthly market rate rent.
