Asset Based Lending recently funded a hard money fix and flip loan in Manchester New Hampshire. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $1,000,000 with a renovation budget of $167,000 and total loan funded at 87% LTC. This loan covers the purchase of a 69-unit rental portfolio, with only 12 units receiving renovation. The borrower will hold this property as an income-producing asset with ABL’s rental refinance program. Rehab will be mostly cosmetic, bringing rental-level upgrades and finishes to the 12 affected units to increase rent roll. Project is expected to take approximately four months with rental refinance occurring shortly after completion.
