Situation:

Asset Based Lending recently funded a fix & flip hard money loan in Philadelphia Pennsylvania. The borrower is a repeat borrower and experienced real estate investor. The properties were purchased for $500,000 with a renovation budget of $199,650 and total loan funded at nearly 89% LTC. Each multi-family property features three units with each unit being 2-bedroom, 1-bathroom. The borrower plans on holding these units as income-producing assets through our rental refinance program. Renovation will focus primarily on cosmetic and structural updates, as well as improvements to the baths and kitchens. Baths will receive new stand-alone showers, wall tiles, and high-end granite vanity. Other fixes will include replacing rotting wood in exterior, removing the damaged sheetrock, and upgrading electrical panels. Rehab is expected to take approximately three months and borrower will refinance upon completion.