Asset Based Lending funded a hard money fix and flip loan in Fort Lauderdale Florida for a first-time borrower and experienced real estate investor. The borrower acquired the property from a trust sale and believed the land was worth far more than they paid, especially as waterfront property, and was planning on either renovating to flip or to hold as a rental property with ABL’s rental refinance program. The property was a single-family 4-bedroom, 2-bathroom measured at 2,185 square feet. Property was purchased for $525,000 with a renovation budget of $206,400 with total loan funded at 89% LTC.

Project took about five months for renovation and the home ended up being sold for $1,350,000 which is hundreds of thousands dollars above the initial ARV! Home received updates that include new stucco façade, concrete slab deck, inground pool, porcelain tiles throughout, impact doors and windows, completely new bathrooms, and kitchen upgrades including quartz countertops and shaker cabinets. This was the first investment that the borrower partnered with ABL on- since then, they have worked with ABL on 2 other fix and flips throughout Florida.