Situation:

Asset Based Lending recently funded a fix and flip loan in Worcester Massachusetts. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $296,000 with a renovation budget of $445,000 and total loan funded at 95% LTC. The property is being converted into a six-unit multifamily with each unit being 2-bedroom, 2-bathroom measured at 1,110 square feet each. This gut renovation will highlight each unit with builder-grade finishes, vinyl plank flooring, wood cabinets, granite countertops, stainless steel appliances, new windows, and new electrical. Project is expected to take seven months with final sale of each unit occurring within three months of completion.