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Hard Money Blanket Loan In Coatsville PA

Address: Coatsville, PA
Borrower Profile: Experienced Investor & Real Estate Professional
Work Description: Fix & Flip - 13 Unit Blanket
Purchase Price: $450,000
Renovation Budget: $154,000
Loan Amount: $510,000
Cash Available for Purchase: $356,000
Cash Available for Renovation: $154,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $955,000
Situation:

Potentially the month’s most complicated loan, Asset Based Lending funded a blanket loan for the purchase and rehab of 3 buildings for a total of 13 units. The first and second buildings are Multi-Family 5s, and the third property is a Multi-Family 3. The borrower is an exceptionally experienced real estate professional, owning 60 units currently and working full time for a mortgage bank. The scope of work for the total project is $154,000; most units only require cosmetic renovations, including new flooring, paint, and appliances. ABL was able to finance this blanket fix and flip at 85% LTC. After renovations, the borrower intends to refinance the properties into a rental loan.

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