201-942-9089 info@abl1.net

Cambridge Massachusetts Fix And Flip Loan

Address: Cambridge, MA
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: Fix And Flip — Condo Conversion
Purchase Price: $1,136,900
Renovation Budget: $1,354,600
Loan Amount: $2,118,000
Cash Available for Purchase: $963,400
Cash Available for Renovation: $1,154,600
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $3,560,000

Asset Based Lending recently funded a hard money fix and flip loan in Cambridge Massachusetts. The borrower is a repeat borrower and full-time real estate investor. The property is currently a two-unit multifamily that will be converted into two luxury condos with each condo being 3-bedroom, 3-bathroom measured at 2,000 square feet. Due to the scope of work, Asset Based Lending granted an 18-month loan instead of the typical 12-month term. Condos will be highlighted by high-end finishes, extensive tilework, wide plank hardwood floors, and roof deck for the second-floor unit. Kitchens will feature Thermador appliances, waterfall island, and custom shaker cabinets while bathrooms feature Brizo plumbing fictures, Porcelanosa tiles, and custom vanities. Project is expected to take more than 12 months with final sale occurring within a few months of completion.