Asset Based Lending recently funded a cash out and fix and flip project for a first-time borrower and full-time real estate investor in Savannah Georgia. This borrower previously purchased this property and started construction prior to contacting ABL for a renovation loan. Since they already owned the property, the borrower was able to also take cash out using the ARV as the value. At this point in the process the borrower only has cosmetic renovations to finish as the heavy renovation phase has been completed. The scope of work includes putting finishes into the home including shaker cabinets in the kitchen, quartz countertops, and stainless-steel appliances. The main bathroom will be finished with a walk-in shower and a soaking tub, and all the bathrooms will have quartz countertops. The timeline for this project is expected to be six months and the borrower intends to sell this home.
