Asset Based Lending recently funded a fix and flip loan for a first time borrower and experienced real estate investor. This single-family property was purchased for $422,625 with a construction escrow of $30,000 and a loan amount of $382,000. The scope of work for this property involves a cosmetic rehab, including electrical work in the basement, installation of stainless-steel appliances in the kitchen, general tasks such as painting, sheetrock installation in the basement, and adding moldings. No permits or underground storage tanks (UST) are required. The project will be self-managed by a licensed and insured general contractor, with the exit strategy being refinance.
