Situation:

Asset Based Lending recently funded a hard money fix and flip loan in West Warwick RI. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $217,000 with a renovation budget of $25,000 and total loan funded at 86% LTC. The property is a 3-unit multi-family measured at 3,881 square feet with two units being 3-bedroom, 1-bathroom and the other unit being 2-bedroom, 1-bathroom. Rehab will focus on cosmetic upgrades to the kitchens and bathrooms including new appliances and cabinets. The building siding will be repaired as well. Borrower will be refinancing the loan to hold it as an income-producing asset through our rental refinance program. Renovation will take approximately 60 days.