Situation:

Asset Based Lending recently funded a fix and flip loan in West Hartford CT for a first-time borrower with previous fix and flip experience. The project is a cosmetic rehab purchased for $200,000 with a renovation budget of $29,000 funded at nearly 80% LTC. The property is a 1509 sq foot single-family home that will be renovated with an updated kitchen, bathrooms, and floors. This 4-bedroom, 1-bath property will also be undergoing an intensive exterior cleaning. Our borrower is a high school principal looking to fix and flip houses for additional income and has chosen an exit strategy of holding to generate rental income and refinance the property, which he’s able to do thanks to our renovate to rent rental loan program!