Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Middleton, MA. The borrower is new to Asset Based Lending but an experienced investor and electrician. The property was purchased for $540,000 with a renovation budget of $80,000 and total loan funded at 84% LTC. This property is a single-family 4-bedroom, 2.5-bathroom measured at 2,083 square feet. Interior renovation will include gutting each bathroom to include new vanities, new tile flooring, new countertops, new cabinets, and tile stand-up shower in master bath. Other interior updates include new hardwood flooring in the office and mudroom. Exterior updates will include removal of two sheds, removal of brushes and stumps, and fresh coat of paint. The borrower will complete the renovation themselves with an estimated project time of 60 days and final sale expected within 30 days.