Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Newton Connecticut. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $250,000 with a renovation budget of $127,000 and total loan funded at 90% LTC. The property is a 3-bedroom, 2.5-bathroom single-family that will receive an additional bedroom or office area measured at a total 2,800 square feet. Renovation will primarily focus on modern updates such as new septic tank, new windows, and new vinyl siding. Kitchen and bathrooms will also be updated with higher-end finishes. Project is expected take four months with final sale occurring within two months after completion.