Situation:

Asset Based Lending recently funded a fix and flip loan in Atlanta Georgia. The borrower is a first-time borrower and part-time real estate investor. The property was purchased for $208,500 with a renovation budget of $30,000 and total loan funded at 78% LTC. The property is a single-family condo with 2-bedrooms, 1.5-bathrooms measured at 960 square feet. Renovation will focus on upgrades to the kitchen and bathroom, with the kitchen receiving new cabinets, new appliances, granite island, and new paint. Bathroom will receive all new tile work, alcove tubs, and new vanities. Property will also receive new lighting and a fresh coat of paint. Project is expected to take two weeks with final sale occurring shortly after completion.