Situation:

Asset Based Lending recently funded a fix and flip loan in Philadelphia Pennsylvania. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $75,000 with a renovation budget of $80,000 and total loan funded at 85% LTC. The property is a single-family 4-bedroom, 3-bathroom measured at 1,544 square feet. This gut renovation will see the addition of a new bathroom and finishing of basement, as well as overhauls to the existing bathrooms and kitchen. Kitchen will be highlighted by wood cabinets, granite countertops, and stainless steel appliances. The bathrooms will feature new tubs, new vanities, and tile flooring. Property will also receive a new HVAC system, as well as updates to the current electrical and plumbing. Project is expected to take six months with final sale occurring shortly after completion.