Situation:

Asset Based Lending recently funded a fix and flip loan in Nashua New Hampshire. The borrower is a repeat borrower and full-time real estate investor. The property is part of a two-property blanket loan with another fix and flip investment property financed with ABL. Both properties were purchased for a total $600,000 with a combined renovation budget of $193,000 and total blanket loan funded at 89% LTC. The property is a three-unit multifamily with two units being 2-bedroom, 1-bathroom and the third unit being 3-bedroom, 1-bathroom measured at a combined 2,293 square feet. The borrower will hold the property as an income-producing asset with ABL’s rental refinance program. Renovation for this fix and flip will be largely cosmetic as well as installing a new HVAC system and general updates to the electrical and plumbing. Kitchens will receive new cabinets, granite or quartz countertops, and new stainless steel appliances. The bathrooms will receive tile flooring, new walls, and new backsplash. Project is expected to take five months with final sale occurring shortly after completion.