Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Sandy Hook CT for a repeat borrower and experienced investor. The property was purchased for $193,500 with a renovation budget of $101,000 and a total loan funded at nearly 90% LTC. The property is a single-family 4-bedroom, 2.5-bathroom measured at approximately 2000 square feet. The property will undergo extensive upgrades, including the addition of stone patio with awning, new windows, new roof, new siding, and home office area that will be completely renovated. Kitchen and one bath will undergo gut renovations, with the kitchen receiving an island and that bath receiving new tile vanities. Living room will be transformed into a master suite. Renovations are expected to take approximately four months and final property sale is expected within thirty days from then.