Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Lynnfield Massachusetts. The borrower is a repeat borrower and full-time investor. The property was purchased for $735,000 with a renovation budget of $365,000 and total loan funded at 90% LTC. This property is currently a single-family 4-bedroom, 2.5-bathroom measured at 2,262 square feet that will be converted into a 4-bedroom, 5-bathroom measured at approximately 5,100 square feet. Renovation will include tearing the roof off the current property to add vertical addition, effectively doubling the size of the house. The exterior will receive a complete overhaul including new siding, roofing, windows, and more. The interior will receive new electrical, new plumbing, new HVAC, and luxury finishes throughout. Kitchen will feature quartz countertops and large waterfall island, as well as high-grade appliances. Bathrooms will feature tile floors, glass showers, quartz countertops, and soaking tub in master bath. Renovation is expected to take three months with final sale occurring within two months of completion.