Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Westwood Massachusetts. The borrower is a repeat borrower that is a full-time real estate investor. The property was purchased for $505,000 with a renovation budget of $65,832 and total loan funded at 87% LTC. The property is a single-family 3-bedroom, 2.5-bathroom measured at 1,724 square feet. Renovation will be mostly cosmetic with the exterior receiving fresh paint and all new windows along with minor landscaping. Interior work will focus on refinishing the bathrooms, updating the vanities, and overhauling the existing kitchen. Rehab is expected to take approximately 60 days, with final sale occurring within 60 days of completion.