Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Croydon PA for a first-time borrower with previous real estate investing experience. The property was purchased for $132,500 with a renovation budget of $25,000 with a total loan funded at 84% LTC. This single-family home is a 1216 square foot 3-bedroom, 1 bathroom that will be undergoing gut renovations for the kitchen and bathroom with cosmetic renovations elsewhere. The kitchen will be completely revamped with granite countertops, stainless steel appliances, tile flooring, recessed lighting, and updated plumbing. Similar levels of upgrades will occur in the bathroom with a new bathtub, tile flooring, tile shower walls, and updated plumbing. Cosmetic upgrades throughout the home include new trim, new doors, fresh coats of paint, and an refresh of the flooring with first level floors being replaced by laminate floors and second level flooring being replaced with full carpeting. This is our first-time lending to this real estate investor, but ABL takes all previous experience into account when structuring loans with our borrowers. Whether you’re an experienced investor or just starting with fix and flips, Asset Based Lending can help you secure a hard money loan for fix and flips.