Asset Based Lending recently funded a fix and flip loan to a first-time borrower and experienced real estate investor in Monroe Georgia. These real estate investors purchased this single-family home to perform cosmetic renovations and demolish the dilapidated barn on the side of the property. The purchase price on this property was $315,000 and ABL’s total loan amount was $322,000 which amounts to 80% LTC. The borrower intends to invest $122,000 into the renovations which include updating the kitchen with new shaker cabinets, quartz countertops with a 4-seater peninsula, and stainless-steel appliances. For the main bathroom the borrowers will install a new stand-up shower and double vanity, while the remaining bathrooms will be updated with new shower-tub combos and new fixtures. The hardwood floors throughout the home will be refinished, and new paint will be used throughout the entire interior. The exterior renovations include installing a new roof, repairing the gutters, siding, and cleaning up the existing landscaping. Once the renovations are completed the borrowers will list the property on the market for final sale.
