Asset Based Lending recently funded a fix and flip loan in Park Forest, Illinois with a first-time borrower and real estate investor. This multi-family property was purchased for $63,000 with a loan amount of $98,000 and a renovation budget of $55,000. The rehabilitation for this property is cosmetic with the exterior receiving new landscaping, siding repair, and paint. The kitchen will have Home Depot shaker cabinets, quartz countertop, and stainless-steel appliances. Bathrooms will receive new vanities, toilets, showers, and fixtures. With an exit plan to refinance, the borrower anticipates 90 days to complete the work and 30 days to stabilize.
