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Downers Grove Illinois Fix And Flip Loan

Address: Downers Grove, IL
Borrower Profile: First Time Borrower — Experienced Real Estate Investor
Work Description: Gut Renovation & Addition — Single Family
Purchase Price: $295,000
Renovation Budget: $185,000
Loan Amount: $432,000
Cash Available for Purchase: $247,000
Cash Available for Renovation: $185,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $690,000
Illinois hard money lender
Illinois fix and flip loan
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Downers Grove Illinois. The borrower is a first-time borrower and experienced real estate investor. The borrower had another lender lined up, but they changed terms at the closing table and the borrower left to find a reliable lender that could close fast, so they came to ABL. The property is a single family 2-bedroom, 1-bathroom measured at 1,500 square feet that will be converted to 4-bedroom, 3-bathroom measured at 2,950 square feet. Renovation will include new shingle roof, Hardie board siding, new windows, hardwood floors with carpet in bedrooms and tile in bathrooms, and mid-grade finishes throughout. Kitchen will receive white maple cabinets, quartz countertops, and stainless steel appliances. Bathrooms will be highlighted by maple vanities and tub & shower combo, with the master bath having a glass & tile shower. Project is expected to take up to eight months, with final sale occurring shortly after completion.

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