Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Center Moriches NY for a new borrower with 15 years of real estate experience. The property was purchased for $350,000 with a renovation budget of $112,000 and a total loan funded at nearly 85% LTC. The property is a single-family home measured at 2500 square feet with a 600 square foot basement. The house features 5-bedrooms and 2.5-baths. It was purchased as a foreclosure and will be undergoing extensive gut renovations that will transform the home into a 4-bedroom, 3.5-bath with the same square footage. Removing the bedroom will allow installation of a master bathroom and closet area. Kitchen will also undergo gut renovations with new floors, appliances, trim, etc. under the same blueprint. Renovations will also include cosmetic updates throughout the house- new wood floors, fresh paint, new siding, clean landscaping, and other visual upgrades.