Asset Based Lending recently funded a hard money fix and flip loan in Enfield Connecticut. The borrower is a first-time borrower and experienced real estate investor. This loan covers the purchase and renovation of two different four-unit multifamily townhomes and a single-family home that are next door to each other. Due to the number of units being renovated, Asset Based Lending provided a 15-month interest only loan instead of the typical 12-month to provide enough time for the borrower to comfortably complete the project. The borrower plans on holding these properties as income-producing assets with ABL’s rental refinance program. The properties were purchased for $648,000 with a renovation budget of $150,000 for a total loan funded at 84% LTC. The first townhome is four units that are each 2-bedroom, 1-bathroom and measured at a total combined 3,640 square feet while the second townhome & single-family home are each 3-bedroom, 1-bathroom measured at a total combined 4,576 square feet. Each townhome unit will receive rental grade finishes to upgrade the properties to Class B status. Six units will undergo kitchen renovations that include new cabinets, countertops, and stainless steel appliances. Three units will receive vinyl flooring, and one unit will undergo a full gut rehab that includes new sheetrock, new windows, ceiling replacement, and kitchen & bath upgrades. The single-family home will receive a new roof with some light interior renovation. Project is expected to 12 months with loan refinance occurring shortly after completion.
