Asset Based Lending recently funded a hard money fix and flip loan for a highly experienced real estate investor. The property was purchased for $470,500 with a loan amount of $531,000. The scope of work for this 4,800 square foot property includes exterior power wash and paint foundation, window replacements, repainting each unit, complete gut of bathrooms with new tile, vanities, toilets, and fixtures. The kitchen will receive grey cabinets, granite counters, tile backsplash, and stainless steel appliances. Borrower will hold the property as an income-producing asset using ABL’s rental refinance program. The investor plans to rent the property by unit for $2300/month with a rehabilitation timeline of three to four months.
