Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip project in Suffolk County, New York. The investor is a long-time repeat borrower purchasing a 5 bed / 2.5 bath 1,908 square foot home in Centereach, New York. The $65,000 scope of work for renovations includes replacing the furnace, updating the bedroom and bathrooms, gutting the kitchen, replacing the flooring and fixtures throughout, as well as other cosmetic updates to the exterior. ABL financed this project at 90% LTC and 70% LTV.