Asset Based Lending recently funded a hard money fix and flip loan in Smoke Rise Georgia. The borrower is a repeat-borrower and experienced real estate investor. The property was purchased for $667,000 with a renovation budget of $201,000 and total loan funded at 87% LTC. The property is a single-family 6-bedroom, 5-bathroom measured at 5,800 square feet that will be converted into a 7-bedroom, 6-bathroom. This older home will be revamped with modern amenities and see the removal of walls to create a more open-concept floorplan. Floors will have carpet ripped out and replaced with hardwood, with concrete tile floors in the bathrooms. Kitchen will receive new cabinets and countertops, along with new stainless steel appliances. Other improvements include exterior work such as minor roof repairs, updates to the driveway and sidewalk, and some additional landscaping. Project is expected to take up to three months with final sale occurring shortly after completion.
