Asset Based Lending recently funded a hard money fix and flip loan in Nashua New Hampshire. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $339,900 with a renovation budget of $28,000 with total loan funded at 86% LTC. The property is a two-unit mixed-use property with a chiropractor’s office on the first floor and a 3-bedroom, 1-bathroom on the second floor measured at a total of 3,468 square feet. Office will be converted to a 1-bedroom, 1-bathroom for residential use. The borrower will be holding this property as an income-producing asset using ABL’s rental refinance program. Renovation will focus on converting the office into a residential unit, as well as updating the existing kitchen with new appliances, fixing the garage doors, and updating the plumbing. Project is expected to take one month with loan refinance occurring approximately 90 days after closing.
