Situation:

Asset Based Lending recently funded a hard money blanket loan for the purchase and rehab of two multi-family homes in Fort Meyers, Florida. The first property is a triplex in need of approximately $29,000 in rehab, and the second property is a two-family in need of about $23,000 in rehab. The scope of work for the property renovations includes new flooring and paint throughout, upgrading the kitchens and bathrooms, replacing the windows, and upgrading the HVAC systems. Once the renovations are complete, the borrowers will refinance into a rental loan to keep the properties for rental income.