Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Fairfield Connecticut. The borrower is a first-time borrower and full-time builder & real estate investor. The property was purchased for $550,000 with a renovation budget of $212,000 and total loan funded at 89% LTC. The property is a 2-bedroom, 1-bathroom single-family that will receive a vertical addition to become 3-bedroom, 3-bathroom measured at 2,336 square feet. Renovation will include kitchen receiving quartz countertops, white shaker cabinets, tile backsplash, and new appliances. Bathroom will receive wall tiles, standard shower with cubbies, and glass door. Basement will be refurbished and receive both a bedroom and bathroom. Project is expected take three months with final sale occurring within three months after completion.