Asset Based Lending recently funded a hard money fix and flip loan in Newport Rhode Island. The borrower is a repeat borrower and full-time real estate investor. The property is a four-unit multifamily that will see each unit converted into its own condominium. Each unit is a 1-bedroom, 1-bathroom measured at approximately 650 square feet each. Property exterior will receive new siding and fresh coat of paint along with a new roof, new landscaping, replacement of walkway steps, and replacement of rear fence. Interior will receive mid-grade finishes and refinished floors. Kitchens will be highlighted by quartz countertops and mid-range stainless steel appliances while bathrooms will receive new vanities, toilets, sinks, and showers. Project is expected to take six months with final sale occurring shortly after completion.
