Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Cambridge Massachusetts. The borrower is a highly experienced full-time real estate investor. The property was purchased for $2,690,000 with a renovation budget of $1,460,000 and total loan funded at 90% LTC. Due to the large scope of work and good relationship with the borrower, ABL approved this 15-month loan over the typical 12-month loan term. This property is a four-unit multi-family that will have each unit converted into luxury condos. There are two identical unit types, with the first pair being ground floor 4-bed, 3.5-bath measured at approximately 1,700 square feet. The other pair of units occupy second and third floor with 4-bed, 3.5 bath measured at approximately 1,800 square feet. All units will receive high-end finishes and feature custom shaker cabinets, custom vanities, quartz countertops in the kitchen and bathrooms, waterfall island in kitchen, extensive tilework throughout the unit, and more. Construction is expected to take ten months with final sale occurring shortly after completion.