Asset Based Lending funded a hard money fix and flip loan in Palm Bay Florida for a first-time borrower and full-time real estate investor. The borrower has done this level of cosmetic rehab many times before and wanted to work with a lender that could help them scale their real estate business. The property was a single-family 3-bedroom, 2-bathroom measured at approximately 1,500 square feet. The property was purchased for $205,000 with a renovation budget of $42,250 with total loan funded at 88% LTC. The home was in need of various repairs and updates, but was located in a great area and was structurally sound.

Project took about one month for renovation and the home was purchased shortly after completion for $319,000, which is above the initial expected ARV. Home received updates that included new appliances, countertops, kitchen cabinets, bath finishes, hardwood flooring, light fixtures, and painting. Property also received repairs to the roof, mold removal, and a landscaping overhaul. This was the first investment that the borrower partnered with ABL on- since then, they have worked with ABL on 13 other fix and flips throughout Florida.