Asset Based Lending recently funded a fix and flip loan with a repeat borrower and experienced investor. The property was purchased for $570,000 with a renovation budget of $140,000 and a loan amount of $565,000. The top floor includes a bedroom that requires significant renovation, including cleaning, repairing cracked walls, and fixing the flooring. This may involve installing new drywall and potentially new framing. Exterior improvements include replacing windows, repairing siding, and updating landscaping. Inside, the kitchen needs a complete overhaul with new cabinets, counters, appliances, and the addition of an island. The borrower is also considering opening some walls to expand the kitchen. Bathrooms require a complete renovation with brand-new fixtures. The entire house needs new hardwood flooring, painting, and drywall replacement. Electrical, HVAC, and plumbing systems need to be checked, which may involve opening additional walls to inspect the rough-ins. The basement also needs to be finished and the borrower expects a three-month timeline.
