Situation:

Asset Based Lending recently funded a fix and flip loan in Richmond Virginia. The borrower is a first-time borrower and part-time real estate investor. The property was purchased for $160,000 with a renovation budget of $20,000 and total loan funded at 82% LTC. This property is a single-family 3-bedroom, 1.5-bathroom measured at 1,403 square feet. Renovation will be mostly cosmetic with the majority of budget going towards new HVAC installation. Property will receive updates to flooring, countertops, entranceway, and fresh coat of paint. Renovation is expected to take three months with final sale occurring shortly after completion.