Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Long Beach NY. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $729,000 with a renovation budget of $200,000 and total loan funded at 84% LTC. This property is two-unit multi-family that totals 6-bedroom, 4-bathroom measured at approximately 3000 square feet. Gut renovation will focus on the four bathrooms and two kitchens. Other updates will include new electrical and plumbing being installed, as well as new floors and doors for each unit. Renovation is expected to take approximately 90 days and will be sold ASAP upon project completion.