Situation:

Asset Based Lending recently funded a fix and flip loan in Allentown Pennsylvania. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $117,000 with a renovation budget of $46,300 and total loan funded at 85% LTC. The property is a single-family 4-bedroom, 1-bathroom measured at 1,786 square feet. Renovation will be largely cosmetic with new drywall and paint, new windows, new interior doors, and electrical touchups. Property will receive new HVAC system and the kitchen will receive either granite or quartz countertops along with white shaker cabinets. Project is expected to take four months with final sale occurring shortly after completion.