Asset Based Lending recently funded a hard money fix and flip loan for a repeat borrower and experienced real estate investor. The property was purchased for $460,000 with a renovation budget of $215,000 and a loan amount of $672,000. The scope of work for this single-family home includes exterior renovations and the installation of all-new vinyl siding and windows, along with a new roof and general landscaping improvements. Additionally, a small fence will be built to separate the two properties. Internally, the house will undergo significant changes, with an extension planned for the rear and the addition of a second floor. A new foundation will be constructed to support the rear structure. The interior will feature luxury vinyl plank (LVP) flooring throughout. For the kitchen and bathrooms, the same cabinet supplier from New Jersey previously used in other projects will be hired, along with laminate countertops and new stainless-steel appliances. Both bathrooms will be full baths equipped with shower/tub combinations, although there will be no master bath. A fresh coat of paint will be applied throughout the interior, accompanied by updates to the electrical and plumbing systems. With a timeline of 3-5 months, this is a great investment for the borrower to scale their real estate portfolio.
