201-942-9089 info@abl1.net

Washington DC Hard Money Fix And Flip Loan

Address: Washington D.C.
Borrower Profile: First-Time Borrower — Experienced Real Estate Investor
Work Description: Cosmetic Renovation — Single-Family Attached
Purchase Price: $340,000
Renovation Budget: $75,000
Loan Amount: $347,000
Cash Available for Purchase: $272,000
Cash Available for Renovation: $75,000
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $571,000
Washington DC fix and flip loan
Hard money lender Washington DC

Asset Based Lending recently funded a hard money fix and flip loan in Washington DC. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $340,000 with a renovation budget of $75,000 and total loan funded at 84% LTC. The property is a 3-bedroom, 2-bathroom measured at 2,000 square feet. Renovation will be mostly cosmetic with a focus on the kitchen and bathrooms. Kitchen will receive new cabinets, quartz countertops, and stainless steel appliances. Bathrooms will receive new tubs, vanities, sinks, and toilets along with tiles in the showers. Additionally there will be updates to the electrical and plumbing as well as interior and exterior doors being upgraded, a partition wall being removed, and hardwood floors being refinished. Renovation is expected to take up to three months with final sale occurring shortly after completion.

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