201-942-9089 info@abl1.net

Bristol Connecticut Fix And Flip Loan

Address: Bristol, CT
Borrower Profile: Repeat Borrower — Full Time Real Estate Investor
Work Description: Cosmetic Renovation — Multifamily
Purchase Price: $450,000
Renovation Budget: $62,500
Loan Amount: $400,000
Cash Available for Purchase: $400,000
Cash Available for Renovation: $62,500
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $670,000

Asset Based Lending recently funded a hard money fix and flip loan in Bristol Connecticut. The borrower is a repeat borrower and full-time real estate investor. The property is a six-unit multifamily with four units being 1-bedroom, 1-bathroom measured at 625 square feet and two units being 2-bedroom, 1-bathroom measured at 750 square feet. Renovation will be cosmetic on the two vacant units, with kitchens receiving new counters, cabinets, and appliances along with the bathrooms being fully remodeled. Other fixes include fresh paint in the common area and some light landscaping. Borrower will hold the property with ABL’s rental refinance program. Project is expected to take three months with loan refinancing occurring shortly completion.