Situation:

Asset Based Lending recently funded a property purchase hard money loan in White Plains NY. The borrower is a first-time borrower and experienced investor. The property was purchased for $328,000 with a renovation budget of $15,000 and total loan funded at 70% LTC. The borrower prefers to self-finance the renovation costs. This property is a 4-bedroom, 2-bathroom single-family detached measured at 1,500 square feet. Renovation will be purely cosmetic updates with the only major component being a roof replacement. The project is expected to take thirty days with final sale occurring within 120 days of project completion.