201-942-9089 info@abl1.net

Warren, Massachusetts Fix And Flip Loan

Address: Warren, MA
Borrower Profile: Repeate Borrower — Real Estate Investor
Work Description: Fix and Flip — 2 Family
Purchase Price: $135,000
Renovation Budget: $118,000
Loan Amount: $215,000
Cash Available for Purchase: $142,500
Cash Available for Renovation: $72,500
Loan Structure: 12 months interest only
Loan Purpose: Cash Out & Rehabilitation
ARV: $336,000
Situation:

­­Asset Based Lending recently funded a fix and flip project for a repeat borrower in Warren Massachusetts. This borrower was in the process of renovating one of the two units and contacted ABL for a cash out and fix and flip loan to complete the work. The bottom unit is complete, but the borrower has some work left to do in the top unit. The scope of work includes installing new windows in the top unit, updating the kitchen, updating the bathroom, and adding a driveway to the property. Renovations are expected to be completed within 9 months, at which time the borrower intends to refinance the property with a DSCR loan and hold it in their portfolio as a rental property.