Asset Based Lending recently funded a hard money fix and flip loan in Newport Rhode Island. The borrower is a repeat borrower and experienced real estate investor. This blanket loan covers the purchase and renovation of the main house, carriage house, and 2.1 acres of buildable lot. The properties were purchased for $4,500,000 with a renovation budget of $1,985,000 and total loan funded at 90% LTC. Borrower plans on holding the properties as an income-producing asset with ABL’s rental refinance program. The main house is a 6-family home measured at 10,618 square feet that will be converted to a single-family, while the carriage house is a two-family that will remain that way through renovation. This historic main house will have its exterior preserved and its millwork remaining in tact with the same floor plan. Remnants of old commercial unit will be removed and cooling system will be installed. These properties are a short walk to the beach and is expected to rent for $100,000 per month over the summer season. Renovation is expected to take five months with loan refinance occurring after a 90-day seasoning period.