Asset Based Lending recently funded a hard money fix and flip loan in Manchester New Hampshire. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $660,000 with a renovation budget of $102,000 and total loan funded at 80% LTC. The property is a six-unit multifamily with one studio, two one-bedrooms, and three two-bedrooms. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. Renovation will be mostly cosmetic with units receiving rental-grade finishes, LVP flooring, white-shaker cabinets and granite countertops in the kitchen, and new vanities in the bathrooms. Project is expected to take five months with loan refinance occurring shortly after completion.
