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Fort Washington MD Fix And Flip Hard Money Loan

Address: Fort Washington, MD
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Fix & Flip - Single Family
Purchase Price: $362,250
Renovation Budget: $40,000
Loan Amount: $332,000
Cash Available for Purchase: $292,000
Cash Available for Renovation: $40,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $492,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Fort Washington, Maryland. The borrower is a repeat borrower and experienced fix and flip real estate investor. The property was purchased for $362,250 with a renovation budget of $40,000 and total loan funded at 83% LTC. This property is a single-family 4-bedroom, 2.5-bathroom measured at 2,652 square feet. Built in 1974, it needs mostly cosmetic upgrades to be ready for sale. Renovation will primarily focus on kitchen and baths, with the master bath being gutted. Kitchen will receive new granite counters and upgraded cabinets. New carpet will be installed throughout the house, with new ceramic tile being installed in the kitchen. Other updates will include new roof, new gutters, new lighting, new appliances, two new water heaters, and exterior power washing. Rehab is expected to take approximately three to four months.

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