Asset Based Lending recently funded a hard money fix and flip loan in Kennebunk Maine. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $485,000 with a renovation budget of $120,000 and total loan funded at 77% LTC. The property is a four-unit multifamily where each unit is a 2-bedroom, 1-bathroom measured at a total 3,800 square feet. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Property will receive cosmetic renovation that includes upgraded bathrooms and kitchens for each unit. Cosmetic updates will include fixing the roof, replacing all windows, replacing flooring, painting throughout, and upgrading the electrical. Project is expected to 10 months with loan refinance occurring shortly after completion.
