Situation:

Asset Based Lending funded a hard money loan for a repeat borrower who purchased a property in cash through a Sheriff’s Sale and is now in need of renovation funds. ABL’s cash out and rehab loan provided the investor with $167,000 in cash to reimburse for the property purchase as well as $102,000 for the renovations. The scope of work for renovations is extensive and includes gutting the kitchen and bathrooms, installing new floors, adding central air, and other cosmetic upgrades throughout.