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Lithonia Georgia Fix And Flip Loan

Address: Lithonia, GA
Borrower Profile: Previous Borrower – Highly Experienced Real Estate Investor
Work Description: Fix & Flip – Cosmetic Renovation
Purchase Price: $233,147
Renovation Budget: $15,000
Loan Amount: $213,000
Cash Available for Purchase: $198,000
Cash Available for Renovation: $15,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $347,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Lithonia, Georgia for an experienced fix and flip investor and real estate marketer. The property was purchased for $233,147 with a loan amount of $213,000. The scope of work for this 2,627 square foot property includes new paint, fixtures, and counter tops. Borrower has extra funds for other small cosmetic repairs that may pop up during the project. The timeline of this renovation is estimated at two to three months and the investor plans to sell the property.