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Westerly Rhode Island Hard Money Fix & Flip Loan

Address: Westerly, RI
Borrower Profile: Repeat Borrower – Highly Experienced Investor
Work Description: Gut Renovation – Single-Family Property
Purchase Price: $192,500
Renovation Budget: $60,000
Loan Amount: $223,000
Cash Available for Purchase: $163,000
Cash Available for Renovation: $60,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $358,000
Situation:

Asset Based Lending recently funded hard money fix and flip loan in Westerly Rhode Island. The borrower is a repeat borrower and highly experienced real estate investor. The property was purchased for $192,500 with a renovation budget of $60,000 and total loan funded at 88% LTC. This property is a single-family 3-bedroom, 1-bathroom measured at approximately 1,600 square feet. Renovation will primarily focus on kitchen and bathroom with other cosmetic updates. Kitchen will receive new granite countertops, shaker white cabinets, tile backsplash, and stainless-steel appliance package. Bath will receive new tile shower, new tub, and granite vanity. Other updates will include refinishing the hardwood floors, adding recessed lighting, and upgrades to electric and plumbing. Renovation is expected to take two months with final sale occurring within two months after completion.

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