Situation:

Asset Based Lending recently funded a fix and flip loan in Tuxedo Park NY for a first-time borrower with only one previous fix and flip under their belt. The project is a fix and flip purchased for $480,000 with a renovation budget of $105,400 funded at 80% LTC. The property is a 5000 sq foot single-family home built in the 1920s that will be renovated with updated bathrooms and two upgraded kitchens. This 7-bedroom, 4-bath property will also be undergoing repairs for the roof and gutter, as well as tile floor replacements. Our borrower is a full-time chiropractor starting to fix and flip houses for extra income who is working with us for the first time. Since ABL tailors fix and flip loans to match the specific project, we are happy to work with new and experienced investors alike.