Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip project in St Augustine, Florida. The borrower is new to ABL, but has completed several projects during the last couple years and is eligible for ABL’s high leverage program –  financing for 90% of total cost on this project. The subject property is a 3,184 square foot single family with 5 bedrooms and 4 bathrooms in decent condition. The $55,000 scope of work for renovations includes replacing the roof, refreshing the kitchen and bathrooms, installing new HVAC, and replacing the floors throughout.