Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Lehigh Acres FL for a first-time borrower with previous real estate investing experience. The property was purchased for $175,000 with a renovation budget of $17,500 with a total loan funded at nearly 82% LTC. The property is a 4-bedroom, 3-bathroom measured at approximately 2048 square feet. After rehab is complete, the investor plans to refinance the property using ABL’s rental loan financing to keep the property as an income producing asset. Renovations will be focused on interior cosmetic upgrades and are expected to take approximately one month.