Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Randolph MA. The borrower is a repeat borrower and experienced investor. The property was purchased for $228,000 with a renovation budget of $45,000 and total loan funded at 87% LTC. The property is a 2-bedroom, 2-bathroom measured at 1,392 square feet. Interior renovation will include remodeling of kitchen and bathrooms, new appliances, new kitchen floors, refinish of hardwood floors throughout, new doors, and repairing the boiler. Exterior updates will include new roof, power washing, fresh coat of paint, and cleaning up of landscape. The project is expected to take approximately 60 days with final sale occurring within 120 days of completion.