Asset Based Lending recently funded a fix and flip loan in Oak Park, Illinois with a first-time borrower and real estate investor. The property was purchased for $280,000 with a renovation budget of $228,500 and a loan amount of $406,000. The rehab project will be a mid-grade renovation, focusing on gutting the first floor to create an open concept living space. Plans will be required for this phase, with the borrower indicating they are working with an architect and will provide the plans upon completion. Interior work will involve updating plumbing, electrical, and HVAC systems. In the kitchen, there will be quartz countertops, stainless steel appliances, an island, and maple 42” cabinets sourced from a cabinet warehouse. Hardwood floors will be installed throughout the interior, while the bathroom and kitchen will feature tiled flooring. The bathroom will include a tub/shower combo and a single vanity, while the master bathroom will have a double vanity, soaking tub, and separate walk-in shower. On the exterior, there will be a new shingle roof, Hardy Board siding, and Climate Guard windows. Additionally, the front of the house will undergo renovations, including opening the currently enclosed porch and installing a new front stairway leading up to the porch.
