Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Norristown PA for a repeat borrower with extensive real estate investing experience. The property was purchased for $95,000 with a renovation budget of $44,000 with total loan funded at nearly 84% LTC. The home is a two-unit multi-family with the first unit being a 1-bedroom, 1-bathroom and the second unit being a 2-bedroom, 1-bathroom. Renovations will mostly be mirrored, with interior updates being focused on the kitchens and bathrooms. One unit will be receiving a new furnace. Exterior updates will include a new roof and fresh coat of paint. Both units are currently occupied, so renovations will take slightly longer than usual due to renovating one unit at a time instead of simultaneously.