Asset Based Lending recently funded a fix and flip loan to a repeat borrower and experienced real estate investor in Lowell Massachusetts. For this fix and flip, the borrower intends to perform cosmetic rehab and exterior repairs to bring the property up to rental condition. The exterior work includes freshening up the landscaping and re-framing the windows. For the interior, the borrower will update the kitchens in the rental units by replacing or refinishing the cabinets, install new stainless-steel appliances, and quartz countertops. All the bathrooms will be updated with new fixtures and ceramic tiles. Luxury vinyl tile will be installed as well as fresh paint for the entire property. This borrower plans to sell the property once renovations are complete but is prepared to keep in their rental portfolio if market conditions are not favorable.
