Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Baltimore Maryland for a first-time borrower with previous real estate investing experience. The property was purchased for $83,500 with a renovation budget of $85,000 and total loan funded at 88% LTC. The borrower found the property by going through a real estate broker. The property is a 3-bedroom, 1.5-bath measured at 1452 square feet and will be undergoing gut renovations that will transform the home into a 3-bedroom, 2.5-bath. No square footage will be added during the renovations. The new bathroom will be added to the existing laundry room. Existing bathrooms will undergo cosmetic upgrades. Kitchen will be completely gutted and replaced with new finishes and appliances. Plumbing and electrical will be updated for the entire house. Roof will either be updated or completely replaced.