Situation:

Asset Based Lending recently funded a fix and flip loan in Bethlehem Pennsylvania. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $165,000 with a renovation budget of $72,000 and total loan funded at 85% LTC. This property is a single-family 4-bedroom, 1.5-bathroom measured at 1,615 square feet that will become 4-bedroom, 2-bathroom measured at 2,400 square feet after renovation. Basement will be finished with walls and ceiling that will include the addition of half bath. Renovation will focus on repairing the roof, installing hardwood laminate floors throughout, new electrical fixtures, and fresh coats of paint. Kitchen will receive new countertops, cabinets, tile backsplash, and stainless steel appliances. Bathrooms will receive new vanities and shower enclosures. Renovation is expected to take three months with final sale occurring shortly after completion.