Situation:

Asset Based Lending recently funded a fix and flip loan in Roanoke Virginia. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $187,000 with a renovation budget of $57,600 and total loan funded at 88% LTC. The property is a single-family 4-bedroom, 3-bathroom measured at 2,422 square feet. Renovation will be largely cosmetic with a focus on updating the kitchen and bathrooms. The kitchen will receive new cabinets, granite countertops, backsplash, and stainless steel appliances. Bathrooms will be updated with new vanities, sinks, and bathtubs. Other improvements include refinishing floors, repair the roof, and add a fresh coat of paint. Project is expected to take five months with final sale occurring shortly after completion.