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Wilmington DE Fix And Flip Hard Money Loan

Address: Wilmington, DE
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Gut Renovation - Three Family
Purchase Price: $85,000
Renovation Budget: $60,000
Loan Amount: $125,000
Cash Available for Purchase: $65,000
Cash Available for Renovation: $60,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $224,000
Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Wilmington Delaware. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $85,000 with a renovation budget of $60,000 and total loan funded at 86% LTC. This property is a three-unit multi-family measured at a total 2800 square feet. Each unit will be a matching 2-bedroom, 1-bathroom open floor plan and will undergo gut renovation in the kitchens and bathrooms. The kitchens will receive mid-grade updates and appliances while the baths will receive replacement tubs and retiled floors. Other updates will include refinishing the hardwood floors, porch repair and paint, and general landscaping. Rehab is expected to take approximately 60 days with final sale occurring an additional 60 days after project completion.

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