­­­­Asset Based Lending recently funded a fix and flip loan to a first-time borrower and experienced real estate investor in Hazel Crest Illinois. This borrower operates using the buy and hold strategy and intends to refinance into a rental loan once the renovations are complete. Due to their level of experience working on projects like this one, our underwriters felt comfortable extending 85% LTC with a total loan amount of $146,000. The scope of work on this 5-bedroom, 2.5-bathroom single-family home includes installing a new roof and gutters and replacing the windows. Luxury vinyl plank flooring will be installed throughout the home except in the bedrooms where the borrower intends to install new carpets. The kitchen will be updated with new cabinets, quartz countertops, and stainless-steel appliances. In the bathrooms new tile there will be all new tile and prefabricated vanities. The borrower expects to complete the renovations in 2 months at which time they will refinance into a DSCR loan and rent the property to tenants.