Asset Based Lending recently funded a hard money fix and flip loan in Sanibel Florida. The borrower is a first-time borrower with ABL and newer real estate investor. They partnered with a highly experienced general contractor who confirmed that the scope of work is practically cosmetic, as the existing shell & structure are in good condition after enduring Hurricane Ian. The borrower was set to work with another lender, but they changed guidelines last minute to no longer lend in the Sanibel area. Luckily, ABL moved quickly to recover this deal and finance the remaining renovation. After renovating, the borrower will hold the property in their rental portfolio with ABL’s rental refinance program. The property is a 4-bedroom, 3-bathroom measured at 2,294 square feet. Renovation will be extensive and include updates such as new tile flooring throughout, new trim & molding throughout, new drywall, and much more. The project is expected to take upwards of eight months with loan refinance occurring shortly after completion.
