Asset Based Lending recently funded a hard money fix and flip loan in Naples Florida. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $2,250,000 with a renovation budget of $149,200 for a total loan amount of $1,250,000. The property is a single-family 3-bedroom, 3-bathroom measured at 3,100 square feet that will be converted into a 4-bedroom, 4-bathroom with no additional square footage. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. This gut renovation will see the kitchen receive quartz countertops, white shaker cabinets, and stainless steel appliances. All bathrooms will be gutted and an additional one will be added. Windows will be replaced with impact windows, hardwood floors will be featured throughout, and a new HVAC system will be installed. Project is expected to take four months with loan refinancing occurring shortly after completion.
