Brookfield CT Fix And Flip
Address: Brookfield, CT
Borrower Profile: Experienced investor, contractor, and flipper
Work Description: Substantial renovation of a ranch house in dated, but sound condition in New Fairfield County
Purchase Price: $221,000
Renovation Budget: $38,000
Loan Amount: $220,000
Cash Available for Purchase: $182,000
Cash Available for Renovation: $38,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $342,000
Sale Price: $380,000
Time To Pay Off: 6 months
Kitchen Before
Kitchen After
Situation:
Borrower contacted ABL through an internet search. The expected time to payoff was four to six months.
Outcome:
The renovation was conducted in a professional manner and completed on time, but somewhat over budget. The borrower experienced payment difficulties as his rehab budget was bigger than expected and the time on market was longer than expected. The loan was paid off in six months.
Bathroom Before
Bathroom After
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