Situation:

Asset Based Lending recently funded a fix and flip with cash out in Naples Florida. The borrower is a first-time borrower and highly experienced real estate investor. The property was purchased for $950,000 with a renovation budget of $325,000 and total loan funded at 73% LTV and 86% LTC. This property is a single-family 5-bedroom, 4-bathroom measured at 4,653 square feet. Property will undergo gut renovation including a new kitchen that will feature custom cabinets, center island, quartz counters, vaulted ceilings, and high-end appliances. Bathroom will receive vaulted ceilings, quartz vanities, walk-in closets, and black accent features. Home will also receive hardwood floors, new windows, new garage doors, and an outdoor pool. Renovation is expected to take three months with final sale occurring within two months of project completion.