Situation:

Asset Based Lending recently funded a hard money fix and flip loan in District Heights Maryland. The borrower is a first-time borrower and full-time builder & real estate investor. The property was purchased for $275,000 with a renovation budget of $125,033 and total loan funded at 85% LTC. The property is a single-family 5-bedroom, 5-bathroom measured at 4,812 square feet. Project was a new construction where the previous builder left the project, so the borrower took over a 90% framed build to finish. Kitchen fill feature quartz countertops and backsplash with stainless steel appliances. Baths will feature the same color palettes with granite vanities, wall tiles, and fiberglass. Project is expected to take three months to complete and sell.