Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Essington Pennsylvania for a repeat borrower with extensive real estate investing experience. The property was purchased for $85,500 with a renovation budget of $35,000 and total loan funded at 83% LTC. The property is a single-family detached 3-bedroom, 1-bath measured at 1250 square feet. Gut renovations will occur in the kitchen and bathroom, while all other renovations will be cosmetic or utility based. All floors will be refinished and repaired, the rear porch will be replaced, and all outlets and lights will be repaired or upgraded. Renovations are expected to take approximately 3 months, with final sale expected within one or two months after that.