Situation:

Asset Based Lending recently funded a hard money fix & flip loan in Stroudsburg, PA. The borrower is a new borrower to ABL and experienced real estate investor. The property was purchased for $250,000 with a renovation budget of $50,000 and total loan funded at 79% LTC and 70% LTV. This property is a single-family 3-bedroom, 2-bathroom measured at 2,352 square feet. Renovation will focus primarily on interior updates to the kitchen and bathrooms. Kitchen will receive new cabinets, granite countertops, and stainless-steel appliance package. Bathrooms will receive ceramic tile floors, new vanities, and new toilets. Renovation is expected to take between two and three months with final sale expected within six months of project completion.