Situation:

Asset Based Lending recently funded a fix and flip loan in Nashua New Hampshire. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $312,500 with a renovation budget of $46,000 and total loan funded at 87% LTC. The borrower plans on refinancing and holding the property as an income-producing asset with our rental refinance program. The property is a four-unit multi-family with two units being 4-bedroom, 1-bathroom and two units being 2-bedroom, 1-bathroom measured at a total 3,200 square feet. Renovation will be small cosmetic updates inside and out to increase the potential rent the property could achieve. Borrower plans on refinancing the property within two months of completion.