Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip in Norristown, Pennsylvania. This pair of borrowers has significant experience in the area, with backgrounds as a realtor and property manager. The plan for this purchase and rehab of a mixed use building is to refinance into a term loan once the renovations are complete so the borrowers may hold it for rental income. The scope of work for renovations includes a new roof, exterior cosmetics, new paint throughout, and an upgraded kitchen.