Situation:

Asset Based Lending recently funded a fix and flip loan in Brookline, MA. The borrower is a first-time borrower and highly experienced real estate investor. The property was purchased for $1,650,000 with a renovation budget of $375,000 and total loan funded at 88% LTC. This property is a single-family home with 2-bedrooms, 2.5-bathrooms measured at 2,048 square feet and will be converted into a 2-bedroom, 3-bathroom measured at approximately 3,500 square feet. Majority of the new square footage will come from a finished basement and porch addition. The home will feature luxury-level finishes, with the kitchen featuring quartz counters and custom cabinets while the baths feature quartz vanities, glass enclosures, and custom tiles. The exterior will receive new landscaping, new windows, new garage door, and fresh coat of paint. Renovation is expected to take four months with final sale occurring within two months of completion.