Asset Based Lending is proud to celebrate our borrower’s successful real estate investments and our loan officers who facilitate that success. ABL will be highlighting our loan officers favorite deal each month, going through the details that made it a win and how our experts navigated the process.
The Deal: Fix & Flip Loan In Seymour, Connecticut
The deal we’re highlighting today comes from our loan officer Zak Blechman, who closed a fix and flip loan in Seymour, Connecticut. The fix and flip property was purchased for $150,000 with a renovation budget of $24,000 funded at 80% LTC. The property is a 1,500 sq foot single-family home with 3 bedrooms and 2 baths that will be undergoing several interior and exterior cosmetic upgrades that supports an ARV of $263,000. Exterior updates include new gravel for the driveway, deck repairs, power washing, and landscaping. Interior updates include replacing carpet throughout the home, fresh coats of paint, improved lighting, tile floor replacement in bathroom, granite countertops in kitchen, and updated appliances where applicable. The borrower is a first-time borrower with ABL working on only their third real estate investment, and Zak was able to provide great insight over the course of several months as he analyzed properties and deals in order to help our borrower embark on a financially rewarding project.
Seymour, CT is a working-class city in New Haven county- an area seeing increased interest from real estate investors over the last year. Due to so many people leaving the New York metro area, homeowners and renters alike are looking for places to live that are still near major transportation hubs and cultural centers while remaining more suburban. Low housing inventory and rising demand is pushing up the home prices, with the price per square foot in New Haven county hovering around $151, so Zak wanted to help our borrower take advantage of this hot market. Boasting an average home sale price of $260,000, which is nearly 20% higher than the previous year, the barrier to entry price is reasonable for both new and experienced real estate investors with plenty of room for profit. New Haven county homes are on the market for an average of 47 days, meaning knowledgeable investors could potentially chain together several lucrative deals in the same year, making it an excellent option for Connecticut fix and flips.
It requires being on the money every day so that our investors can be successful, and our funds can continue supporting profitable projects for our clients.
Zak has been working at ABL for 14 months now and loves how fast paced and dynamic the position can be. “It requires being on the money every day so that our investors can be successful, and our funds can continue supporting profitable projects for our clients.” His role as loan officer is to provide the highest quality advice to our borrowers, closing deals that will help them achieve their financial goals. For example, our borrower for this deal is a full-time administrator that is flipping houses on the side to help pay for their daughter’s college fund. Zak worked diligently for the better part of a year to analyze different property deals and ensure our borrower invested their time and money into a deal that will work for them.
Zak excels as a loan officer due to his passion for real estate and his problem-solving skills that work to create better economic opportunities for his borrowers. In his spare time, he enjoys spending his time being active outside or relaxing with nice cigar and a good book.
Want to talk to Zak about financing for your next fix and flip or new construction project?