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North Richland Hills Texas Fix And Flip Loan

Address: North Richland Hills, Texas
Borrower Profile: First-Time Borrower — Real Estate Investor
Work Description: Fix and Flip — Single Family Detached
Purchase Price: $362,000
Renovation Budget: $66,391
Loan Amount: $347,000
Cash Available for Purchase: $280,609
Cash Available for Renovation: $66,391
Loan Structure: 12 months interest only
Loan Purpose: Refinance & Property Rehabilitation
ARV: $521,000

­­­­Asset Based Lending recently funded a fix and flip loan to a first-time borrower and experienced investor in Richland Texas. For this fix and flip project, the borrower intends to refresh the exterior brick and repaint the trim. For the interior, new quartz countertops will be installed in the kitchen. The bathrooms are already updated with new toilets, showers, and tubs so they will only need to replace the vanities and countertops. They want to create and open floor-plan in the living spaces by removing interior walls to in the entry which leads into the living room. Once the renovations are complete, the borrower will split the 1.33 acres into two lots and sell the smaller parcel separately from the rehabbed property, resulting in an approximately $675,000 sale.