201-942-9089 info@abl1.net

Goose Creek South Carolina Fix And Flip Loan

Address: Goose Creek, South Carolina
Borrower Profile: First Time Borrower — Experienced Real Estate Investor
Work Description: Gut Renovation — Single Family
Purchase Price: $210,000
Renovation Budget: $60,000
Loan Amount: $150,000
Cash Available for Purchase: $90,000
Cash Available for Renovation: $60,000
Loan Structure: 12 months interest only
Loan Purpose: Cash Out & Property Rehabilitation
ARV: $370,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Goose Creek South Carolina. The borrower came to ABL from the west coast with more than ten years of experience as a property flipper and this project is their first east coast endeavor. Now this borrower is ready to jump into the South Carolina real estate market full-time and ABL was happy to extend a fix and flip bridge loan to help them complete renovations. The interior renovations will be a full gut comprising of a brand-new kitchen, bathroom, flooring throughout, and framing out an existing porch to create a new bedroom and bathroom. The addition of a bedroom and bathroom will add 300 square feet of livable space to the footprint of this single-family home. The plumbing and electrical will be updated along with new windows, siding and fresh paint. All renovations are expected to take four months with final sale occurring shortly after completion.