Asset Based Lending recently funded a hard money fix and flip loan in Pittsburgh Pennsylvania. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $150,000 with a renovation budget of $96,700 with total loan funded at 85% LTC. The property is a four-unit multifamily with each unit being 1-bedroom, 1-bathroom measured at a total 2,468 square feet. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. Renovation will focus mostly on kitchens and bathrooms with other cosmetic updates, including new windows, roof repairs, new vinyl plank floors, and reinforcing the existing balconies. Kitchens will receive new cabinets, counters, and appliances while bathrooms will receive updates to vanities and tiling. Project is expected to take six months with loan refinance occurring shortly after completion.
