Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Everett Massachusetts. The borrower is a first-time borrower that is a full-time real estate investor. The property was purchased for $908,190 with a renovation budget of $56,900 and total loan funded at 80% LTC and 75% LTV. The property is a 3-unit multi-family with each unit being an identical 2-bedroom, 1-bathroom measured at a combined 3,468 square feet. The borrower will continue holding the property as an income-producing asset through our rental refinance program. Renovation will be mostly cosmetic updates to the bathrooms and kitchens. Biggest change will see the dining room converted into a living room, and the existing living room converted into an additional bedroom to transform the units into 3-bedroom, 1-bathroom. Renovation is expected to take 30 days.