Situation:

Asset Based Lending recently funded a hard money fix and flip loan in St Petersburg Florida. The borrower is a repeat borrower and highly experienced real estate investor. The property was purchased for $255,000 with a renovation budget of $155,500 and total loan funded at nearly 90% LTC and 70% LTV. This property is currently a single-family 2-bedroom, 1-bathroom measured at 884 square feet. Gut renovation will be converting into 4-bedroom, 2-bathroom by repurposing the attached garage and lanai. Home will be highlighted by higher end finishes, new room, new and impact windows. Project is expected to take two months and final sale occurring within one month after completion.