Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Levittown PA for a repeat borrower with previous real estate investing experience. The property was purchased for $180,000 with a renovation budget of $93,800 with a total loan funded at nearly 90% LTC. The property is a 3-bedroom, 1-bathroom single-family detached measured at 1575 square feet. The investor will be raising the second floor to include a roof dormer and transform the property into a 4-bedroom, 2-bathroom. The house footprint will not be changing, although it will be converted to electric instead of natural gas. Renovations are expected to take approximately four months, with home sale expected within 60 days after completion.