Situation:

Asset Based Lending recently funded a fix and flip loan in Derry New Hampshire. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $335,000 with a renovation budget of $96,669 and total loan funded at 88% LTC. This property is a two-unit multi-family with one unit being 3-bedroom, 1.5-bathroom and the other unit being 3-bedroom, 2-bathroom measured at a combined total 3,016 square feet. The borrower is considering holding this property as an income-producing asset using ABL’s rental refinance program. Each unit needs different work, with one unit requiring only high-level cosmetic renovation while the other requires gut renovation. The unit being gutted will receive new vinyl windows, hardwood floors thorough, new deck, and repaired HVAC. Kitchen will be highlighted by new countertops, cabinets, and appliances while the bathroom receives new vanities, mirror, sinks, toilets, and shower.  Project is expected to take four months with final sale or refinance occurring within two months of completion.