Situation:

Potentially the month’s most complicated loan, Asset Based Lending funded a blanket loan for the purchase and rehab of 3 buildings for a total of 13 units. The first and second buildings are Multi-Family 5s, and the third property is a Multi-Family 3. The borrower is an exceptionally experienced real estate professional, owning 60 units currently and working full time for a mortgage bank. The scope of work for the total project is $154,000; most units only require cosmetic renovations, including new flooring, paint, and appliances. ABL was able to finance this blanket fix and flip at 85% LTC. After renovations, the borrower intends to refinance the properties into a rental loan.