Situation:

Asset Based Lending recently funded a fix and flip loan in East Lyme Connecticut. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $205,000 with a renovation budget of $14,000 and total loan funded at 81% LTC. This property is a single-family 3-bedroom, 2-bathroom measured at 1,300 square feet. Renovation is strictly cosmetic with new coats of paint and replacing kitchen cabinets. The borrower found ABL through word of mouth, as other real estate investors told them about our competitive rates and dedication to five-star customer service. Project is expected to take between two and three months with final sale occurring shortly after completion.