Asset Based Lending recently funded a hard money fix and flip loan in Washington DC. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $340,000 with a renovation budget of $75,000 and total loan funded at 84% LTC. The property is a 3-bedroom, 2-bathroom measured at 2,000 square feet. Renovation will be mostly cosmetic with a focus on the kitchen and bathrooms. Kitchen will receive new cabinets, quartz countertops, and stainless steel appliances. Bathrooms will receive new tubs, vanities, sinks, and toilets along with tiles in the showers. Additionally there will be updates to the electrical and plumbing as well as interior and exterior doors being upgraded, a partition wall being removed, and hardwood floors being refinished. Renovation is expected to take up to three months with final sale occurring shortly after completion.
