Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Baltimore Maryland for a first-time borrower with limited real estate investing experience. The property was purchased for $100,000 with a renovation budget of $70,000 and total loan funded at 82% LTC. The property is a single-family attached 4-bedroom, 3-bath measured at 2000 square feet. Gut renovations will occur in the kitchen and bathrooms, while other property rehab will be cosmetic upgrades. Cosmetic upgrades include new floors, fresh coats of paint, and repairing the roof. Central air will also be installed for the home. Renovations are set to take approximately 3 months and final sale is expected to take place within the 2 months after rehab.