Situation:

Asset Based Lending recently funded a fix and flip loan in Bridgeport Connecticut. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $280,000 with a renovation budget of $59,450 and total loan funded at 73% LTV and 87% LTC. This property is a three-unit multi-family measured at a total of 3,300 square feet with every unit being a 3-bedroom, 1-bathroom. The borrower plans on refinancing this bridge loan into a rental loan with ABL’s rental refinance program. Renovation will be light since previous property owner recently completed updates to the units. Each unit will receive new kitchen, new baths, new floors, and some units will have walls repaired. Renovation is expected to take three months with loan refinance occurring 30 days after completion.