Situation:

Asset Based Lending recently funded a fix and flip loan in Summerville South Carolina. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $165,000 with a renovation budget of $74,500 and total loan funded at 89% LTC. The property is a single-family 4-bedroom, 1.5-bathroom measured at 2,000 square feet. Renovation will be largely cosmetic with a focus on updating the kitchen and bathrooms, including addition of new bathroom. The kitchen will receive new cabinets, granite countertops, new island, and stainless steel appliances. Work will also include new hardwood floors, new light fixtures, new roof, and installing a private fence. Project is expected to take up to six months with final sale occurring shortly after completion.