Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Bridgeport Connecticut. The borrower is a repeat borrower and experienced investor. The property was purchased for $301,000 with a construction budget of $49,350 with total loan funded at 87% LTC and 73% LTV. The borrower will continue to hold the property as an income-producing asset with our rental refinance program. The property is a three-unit multi-family with two units being 2-bedroom, 1-bathroom and one unit being 1-bedroom, 1-bathroom. Second unit will be converted so all units will be 2-bedroom, 1-bathroom measured at a total 3,400 square feet. Renovation will focus primarily on three new kitchens for the units that will include custom cabinets, quartz countertops, and new appliances. Other focus will be cosmetic changes such as new interior doors and fresh coat of paint. Renovation is expected to take two months and will then be rented out.