Asset Based Lending recently funded a hard money fix and flip loan in Providence Rhode Island to fund a commercial to mixed use conversion project. This is a repeat borrower looking to create ten rental units and one commercial space in this existing 6,000 square foot building. The scope of work addresses all aspects of this property including adding a second floor, updating the façade, and gutting the interior to the studs to build out rental units. The first floor will accommodate four 1-bedroom, and two 2-bedroom units, and a small commercial space, while the second floor will have four 3-bedroom units. With the second floor being added there will be approximately 3,000 new square feet of livable space once renovations are complete. Each unit will be finished with mid-grade appliances, quartz countertops, and the larger units may include a large kitchen island as well as laundry in-unit. The borrower is expecting to finish renovations in six months at which time they will most likely refinance with ABL’s rental refinance program and hold the property to add to their rental portfolio.
