Asset Based Lending recently funded this fix and flip loan with a first-time borrower and real estate investor. The single-family property was purchased for $220,000 with a loan amount of $195,000 and a renovation budget of $35,000. The scope of work for this home will include new shaker cabinets, stainless steel appliances, granite countertops, and refinished island in the kitchen. The floors will be new LVP throughout the whole downstairs and new carpet in two bedrooms, and refinished hardwood floor in the upstairs hallway. The bathroom will receive new single vanity with quartz countertop, fixtures, and toilets. A new tub and shower will also be installed in the master bathroom. With an exit strategy to sell, the borrower anticipates three months for renovations and two months to sell.
