Asset Based Lending recently funded a hard money fix and flip loan in Jacksonville Florida. The borrower is a first time borrower and first time real estate investor. The property is a three-unit multifamily where each unit is a 2-bedroom, 1-bathroom measured at 820 square feet. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. Renovation will be mostly cosmetic, with the exterior receiving repairs to cracked cement and replacing of windows. Interior updates will include appliance upgrades, replacing current tubs and bathroom sinks, new doors throughout, and cosmetic improvements such as fresh coat of paint and refinished flooring. Project is expected to take up to eight weeks with loan refinance occurring 90 days after completion.
