Asset Based Lending recently funded a property purchase and fix and flip loan for a first-time borrower and experienced real estate investor in Newtown Square Pennsylvania. The borrower contacted ABL for a purchase and rehab loan to complete cosmetic renovations on the property. The previous owner of the property replaced the roof within the last 10 years, and the boiler and appliances within the last 2 years, which helps to limit the amount of work the property needs. The scope of work on this project includes updating the bathroom, refinishing the hardwood, and refinishing the kitchen cabinets. Once renovations are complete this borrower will refinance the property to hold it in their portfolio as a rental.
