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Worcester Massachusetts Fix And Flip Loan

Address: Worcester, MA
Borrower Profile: Repeat Borrower – Experienced Real Estate Investor
Work Description: Gut Renovation - Multifamily 6
Purchase Price: $296,000
Renovation Budget: $445,000
Loan Amount: $703,000
Cash Available for Purchase: $258,000
Cash Available for Renovation: $445,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase & Rehabilitation
ARV: $1,408,000
Situation:

Asset Based Lending recently funded a fix and flip loan in Worcester Massachusetts. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $296,000 with a renovation budget of $445,000 and total loan funded at 95% LTC. The property is being converted into a six-unit multifamily with each unit being 2-bedroom, 2-bathroom measured at 1,110 square feet each. This gut renovation will highlight each unit with builder-grade finishes, vinyl plank flooring, wood cabinets, granite countertops, stainless steel appliances, new windows, and new electrical. Project is expected to take seven months with final sale of each unit occurring within three months of completion.

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