CT Hard Money Lender – Derby Fix & Flip Loan
Address: Derby, CT
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $247,800
Renovation Budget: $30,000
Loan Amount: $239,000
Cash Available for Purchase: $209,000
Cash Available for Renovation: $30,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $355,000
Situation:
Asset Based Lending recently funded a hard money loan for a repeat borrower starting a fix and flip project in Derby, Connecticut. The property is currently in foreclosure, found by the investor online using Hubzoo. The scope of work for the 2,300 square foot 3 bed 3 bath single family is mostly cosmetic. The investor will update the kitchen and bathrooms, replace carpeting, and refinish the hardwood floors throughout.
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