Asset Based Lending recently funded a hard money fix and flip loan in Wilmington North Carolina. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $136,712 with a renovation budget of $83,650 with total loan funded at 90% LTC. The property is a 3-bedroom, 2-bathroom measured at approximately 1,400 square feet. This gut renovation will include replacing the HVAC system, new tile flooring in the bathrooms, replacing the roof with asphalt shingle, and replacing the house siding with vinyl. Kitchen will receive a new island, stainless steel appliances, granite countertops, and shaker cabinets. Home will be aimed at first-time home buyers or young families looking to grow. Renovation is expected to take three months with final sale occurring shortly after completion.
