Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Philadelphia Pennsylvania. The borrower is a first-time borrower and experienced investor. The property was purchased for $150,000 with a renovation budget of $50,000 and total loan funded at 85% LTC. The borrower will be holding the property as an income-producing asset with our rental refinance program. This property is a three-unit multi-family with two units being 2-bedroom, 1-bathroom and one unit being 3-bedroom, 1-bathroom for a combined total 2,192 square feet. Renovation will be cosmetic with touch-ups to plumbing and electric, modern updates to kitchen and bathrooms, and fresh coats of paint. Renovation is expected to take six months with the loan refinance occurring six months after completion.