North Miami Florida Fix And Flip Loan
Address: North Miami, FL
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: Fix And Flip — Single-Family
Purchase Price: $395,000
Renovation Budget: $135,800
Loan Amount: $451,000
Cash Available for Purchase: $315,200
Cash Available for Renovation: $135,800
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $650,000
Situation:
Asset Based Lending recently funded a hard money fix and flip loan in North Miami Florida. The borrower is a repeat borrower and full-time real estate investor. The property is a single-family 3-bedroom, 2-bathroom measured at 1,661 square feet. Exterior updates include repairing the roof, installing new HVAC, and introducing a new fiberglass inground pool with concrete patio. Interior updates include the kitchen receiving new shaker cabinets, quartz countertops, and new appliances. Bathrooms will receive new vanities, fixtures, tubs, and toilets. Other upgrades include new windows, new doors, new electrical, and repairs to plumbing. Project is expected to take four months with final sale occurring shortly after completion.
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