Asset Based Lending recently funded a fix and flip loan for a first-time borrower and first-time investor with no previous experience. The property was purchased for $150,000 with a rehabilitation budget of $34,000 and a loan amount of $141,000. This single family attached home will receive new back doors with new framing on the exterior. The interior renovations will include paint throughout, replacing all interior doors, new carpet in three bedrooms, HVAC cleaning, replacement of vents throughout, and replacing 2 bathrooms’ flooring, vanities, toilets, sinks, bathtubs, and shower. The kitchen will also receive new cabinets and countertops with stainless steel appliances. The borrower estimates four months for rehabilitation and two months to sell.
