Situation:

Asset Based Lending recently funded a fix and flip loan in Charleston South Carolina. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $370,000 with a renovation budget of $145,000 and total loan funded at 93% LTC. The property is a single-family that will be 4-bedroom, 2.5-bathroom measured at 2,133 square feet after the addition of a new bathroom. This total gut renovation will see the converting of outdoor deck into living space, raising of ceiling in back of house to level with the second floor, updated hardwood floors, and addition of rooftop deck. Kitchen will be highlighted by new cabinets, granite countertops, kitchen island, and stainless steel appliances. The bathrooms will receive updates including new tile floors, new backsplash, new vanities with stone counter tops, and new toilets. Project is expected to take eight months with final sale occurring shortly after completion.