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Bridgeport Connecticut Fix And Flip

Address: Bridgeport, CT
Borrower Profile: Inexperienced investors: husband and wife team
Work Description: Substantial, near gut, rehabilitation of a single family house
Purchase Price: $165,000
Renovation Budget: $80,000
Loan Amount: $208,000
Cash Available for Purchase: $128,000
Cash Available for Renovation: $80,000
Loan Structure: 12 months maturity interest only
Loan Purpose: Property Purchase and Rehabilitation
ARV: $330,000
Sale Price: $349,000
Time To Pay Off: 6 months
Situation:

Broker contacted ABL for a loan to inexperienced new investors who had a purchase contract, but a rehab budget that was too high. The Borrowers had strong income, reasonable credit, and substantial cash reserves.

Outcome:

ABL worked with the borrowers to reduce the cost of the anticipated renovation. The project proceeded without major difficulty, although the rehabilitation took longer than anticipated. The property was completed and listed after six months.

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