Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Orange Connecticut. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $220,000 with a renovation budget of $59,000 and total loan funded at 84% LTC. This property is a single-family 2-bedroom, 1-bathroom that will be transformed into a 2-bedroom, 3-bathroom with the addition of 500 square feet for a total of 1600 square feet. Renovation will primarily focus on kitchen upgrades and room additions, including finishing the basement to incorporate the new bed and bath. Kitchen will receive new cabinets, granite countertops, and new mid-range appliances. Existing bathroom will also receive a cosmetic update. Exterior updates include replacing the garage doors and garage roof, as well as new paint on the siding. Rehab is expected to take approximately four months.