Borrowers met ABL at a REIA event and pre-qualified as first time flippers, but also possessed a wealth of experience in the building trades. The borrowers found their property on the MLS as an REO. They called the realtor and made the deal happen. The borrower sent the deal summary to ABL and we agreed to fund the deal.
The rehabilitation project was very straightforward, taking only 90 days to complete. The selling period was longer than anticipated and took over 6 months. Nevertheless, the deal was highly profitable.