Situation:

Asset Based Lending recently funded a fix and flip loan in Dorchester Massachusetts. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $443,100 with a renovation budget of $89,600 and total loan funded at 83% LTC. The property is a two-unit multifamily measured at 2,500 square feet with one unit being 3-bedroom, 1-bathroom and the other unit being 2-bedroom, 1-bathroom. Renovation will focus mostly on gutting the kitchens and bathrooms while other areas receive repairs and updates, including repairs to the shingle roof, minor HVAC maintenance, and new sheetrock. The kitchens will receive quartz countertops, new cabinets, and new stainless steel appliances. The bathrooms will be completely redone and receive new vanities with new tile flooring. Project is expected to take three months with final sale occurring shortly after completion.