Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Cape Coral Florida for a repeat borrower with extensive real estate investing experience. The property was purchased for $600,000 with a renovation budget of $115,000 and total loan funded at 81% LTC. The borrower is a full-time contractor that has completed nearly 20 successful deals with ABL. The property is a 3-unit multi-family home with two units that are 2-bedroom, 1-bath and one unit that is 1-bedroom, 1-bath with a total combined square footage of 2,981. After rehab is complete, the investor plans to refinance the property using ABL’s rental loan financing to keep the property as an income producing asset. Renovations are a mix of gut renovations and cosmetic updates, with the gut being focused on the bathroom and kitchen in each unit. Property will also receive exterior cosmetic upgrades that include new asphalt driveway, new doors, basic landscaping, fresh paint, and minor repairs to the roof and siding. Renovations are set to take between 8 and 10 weeks