201-942-9089 info@abl1.net

Durham North Carolina Fix And Flip Loan

Address: Durham, NC
Borrower Profile: First-Time Borrower — First Time Real Estate Investor
Work Description: Fix And Flip — Single Family
Purchase Price: $310,000
Renovation Budget: $25,000
Loan Amount: $257,000
Cash Available for Purchase: $232,000
Cash Available for Renovation: $25,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $406,000

Asset Based Lending recently funded a hard money fix and flip loan in Durham North Carolina. The borrower is a first time borrower and first time real estate investor. The property is a single-family 3-bedroom, 1-bathroom measured at 1,245 square feet. The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. The project is mostly cosmetic with a focus on the kitchen and bathroom. Kitchen will receive a new fridge and dishwasher along with new quartz countertops. Bathroom will receive new vanities, toilet, and sink. Other upgrades include the installation of a washer & dryer along with fresh coat of paint, refinished hardwood floors, and roof repairs. Project is expected to take approximately three months with refinance occurring 90 days after the completion.