Situation:

Asset Based Lending recently funded a hard money loan for a fix and flip in Long Island, NY. The borrower – an experienced investor but on his first deal with ABL – is buying a 1,187 square foot single family home with 3 bedrooms and 1 bathroom. The $51,000 scope of work for renovations is extensive and includes adding an additional bedroom and bathroom, replacing the roof and exterior siding, finishing the basement, gutting the kitchen and bathrooms, replacing all light fixtures, and new flooring throughout.