Asset Based Lending funded a hard money fix and flip loan for a project in Palm Bay, Florida. The borrowers were brothers that had completed only one fix and flip in the last three years. One of the brothers was a contractor that oversaw the renovation. The property was a single-family 3-bedroom, 2-bathroom measured at 1,176 square feet. Kitchen was completely gutted while bathroom and other areas of the house received cosmetic updates including new light fixtures & outlets, installing laminate flooring, and replacing the roof. Renovation was projected to take approximately two months.
Renovation was completed on schedule and the home sold for a net profit of $48,567. The borrowers enjoyed the ABL loan process and are currently looking for their next property to fix and flip with ABL as their hard money lending partner.
