Asset Based Lending recently funded a hard money fix and flip loan in Lynnfield Massachusetts. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $1,300,000 with a renovation budget of $402,000 and total loan funded at 72% LTC. The property is a single-family 4-bedroom, 5-bathroom measured at 6,700 square feet. The borrower originally took a purchase-only loan from another private lender to acquire the property, so this loan covers the refinancing of that loan along with the renovation financing needed to complete the project. This project will be a full gut renovation and feature high-end finishes, crown moldings, updated plumbing and electrical along with a new HVAC system, oak hardwood floors throughout, solid core doors, and a new shingle roof. There will also be specialized amenity rooms such as an entertainment room, home office, library, and gym. Kitchen will receive high-end appliances, craft made white cabinets, and quartz countertops. Bathrooms will receive new quartz vanities, floor-to-ceiling tiles, and separate soaking tub in the master bathroom. Project is expected to take six months with final sale occurring within two months of completion.