Asset Based Lending recently funded a hard money fix and flip loan in Goldsboro North Carolina. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $35,000 with a renovation budget of $80,750 with total loan funded at 69% LTC. The borrower already put nearly $50,000 of their own capital into the home renovation, and received reimbursement in the form of cash out at loan closing. The property is a single-family 3-bedroom, 1-bathroom measured at 1,235 square feet. This project is a gut renovation and has already seen a majority of the work completed, including updates to the electrical and plumbing, replacement of roof, installation of new windows, and installation of new tub & shower combos. Continued renovation will include the kitchen receiving new cabinets, granite countertops, recess lighting, and updated stainless steel appliances. Bathrooms will also feature new vanities, toilets, flooring, and lighting. Project is expected to conclude in two months with final sale occurring shortly after completion.
