Asset Based Lending recently funded a fix and flip loan to a repeat borrower and experienced real estate investor in Olympia Fields, Illinois. This was a purchase only property where the borrower is using their own capital to cover the rehabilitation costs and ABL helped fund the purchase under our bridge loan program. The property was purchased for $240,000 with a loan amount of $156,000. The borrower plans for a light cosmetic rehab with no change to existing layout or increase in square footage, equaling approximately $39,000. With an exit plan to sell the borrower anticipates 9 months timeline.
