Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Philadelphia Pennsylvania for a first-time borrower with previous real estate investing experience. The property was purchased for $180,000 with a renovation budget of $111,000 and total loan funded at 85% LTC. The borrower runs a construction company and found the property online through an MLS. The property is currently a 3-bedroom, 1-bath measured at 962 square feet that will be transformed into a 4-bedroom, 2-bath measured at 1360 square feet. Gut renovations and extensive additions will make up the scope of work with the addition of one master bedroom, one bathroom, and a roof deck. The kitchen will be receiving all new appliances as well as either granite or quartz countertops. Hardwood floors will be installed throughout the home, as well as new electrical wiring. Bathrooms will be receiving new tile floors. Renovations are set to take 6 months.