Rising Sun MD Fix & Flip
Address: Rising Sun, MD
Borrower Profile: Experienced investor and flipper.
Work Description: Substantial renovation of a single family house that had been vacant for some time after foreclosure in Northeast Maryland
Purchase Price: $125,000
Renovation Budget: $23,000
Loan Amount: $120,000
Cash Available for Purchase: $97,000
Cash Available for Renovation: $23,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $230,000
Sale Price: $230,000
Time To Pay Off: 5 months
Situation:
Broker approached us to finance a fix and flip after having a difficult time closing with another hard money lender. The loan needed to close within five business days. Working intensively with the borrower, ABL was able to settle the transaction.
Outcome:
The renovation proceeded without difficulty, on time and on budget. The property was sold and loan paid off within five months.
Get Started