Situation:

Asset Based Lending recently funded a cash out & renovation hard money loan in Southport Connecticut. The borrower is a repeat borrower and experienced builder & full-time real estate investor. The property was purchased for $325,000 with a renovation budget of $350,000. The property is a single-family 3-bedroom, 2-bathroom historical property for the town and cannot be demolished, so the project requires a complicated gut renovation that will transform it into a 4-bedroom, 3.5-bathroom. Exterior renovation will focus on new windows, siding, roof, and updated landscaping. Interior renovation will frame the attic for an additional bedroom, new flooring, new HVAC, and the installation of an additional 1.5 bathrooms. Project is expected to take six weeks to complete with final sale occurring shortly after completion.