Situation:

After holding this pair of mixed use properties in Philadelphia for two years, these borrowers decided it was time to go in for a full rehab and came to Asset Based Lending for the cash to make it happen. With one building, the team already spent $35k on rehab and will use their hard money loan to add another $100k of high-end upgrades; with the other, they plan to completely transform the structure, converting it from a 2-unit building (1 residential, 1 commercial) to a 6-unit (5 residential, 1 commercial). They expect to finish the renovations in 3 and 6 months, respectively. We can’t wait to see the finished products!