Situation:

Asset Based Lending recently funded a fix and flip loan in Monument, Colorado with an experienced real estate investor and a first-time borrower with ABL. The property has been sitting vacant and is ready for a high-end rehab. This will include fresh paint throughout, new HVAC, and water heaters. The kitchen will be fixed with high-end cherry wood cabinets, new granite countertops, and new stainless-steel appliances. Hardwood on the entire first floor and master, carpet in secondary bathrooms, upstairs hallway, and basement. Bathroom is going to be replaced with new vanities, tubs, sinks, and granite counter tops. The exterior will receive new roof, stucco back deck, driveway, and landscaping. With a purchase price of $770,000 and a construction escrow of $159,500, the borrower plans to complete renovations and sell within 6 months.