Asset Based Lending recently funded a fix and flip loan for a repeat borrower and highly experienced real estate investor. The property was purchased for $480,000 with a renovation budget of $150,000 and a loan amount of $534,000. In the cosmetic rehab, an asphalt shingle roof has been replaced, with spot repairs made to the siding, alongside the installation of new windows, gutters, exterior paint, and landscaping enhancements. A driveway is being added, and fencing installed for additional privacy. Mechanical updates include the installation of a new HVAC system, plumbing rough-ins for new bathrooms, and electrical rough-ins for recessed lights in the living room, kitchen, and bathroom. Necessary cosmetic demolition work is being carried out. Flooring improvements are being made, including a mix of vinyl additions, and refinishing of hardwood floors. The kitchen is being outfitted with prefabricated cabinets, quartz countertops, and stainless steel appliances. In the bathrooms, all-new 2-in-1 vanities will be installed, along with a new toilet in one bathroom and a new shower in the other. General upgrades will encompass electrical fixtures, interior paint, and updates to electrical outlets throughout the property. The investor anticipates a three-month construction timeline with a two-month sale timeline.
