Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Allston Massachusetts. The borrower is a highly experienced real estate investor that has already worked with ABL on multiple successful deals. The property was purchased for $260,000 with a renovation budget of $36,000 and total loan funded at 82% LTC. This property is a single-unit condo 1-bedroom, 1-bathroom measured at 830 square feet. Renovation will focus on repairing wall and floor damage from a burst pipe, converting the den into a second full bedroom, and other interior cosmetic updates. These updates include new kitchen appliances as well as upgrading to granite countertops and soft close cabinets. Rehab is expected to take between 30 and 45 days with final sale occurring 30 days after completion.