Situation:

Asset Based Lending recently funded a hard money cash out loan in Centerport New York for a first-time borrower with extensive real estate investing experience. The property was purchased for $363,000 with a renovation budget of $195,000. The renovation was approximately 95% complete when the borrower approached ABL for a cash-out. The home is a 5-bedroom, 3.5-bath measured at approximately 2800 square feet. Rehab included full gut renovations, rebuilding the home back up from the studs. Property received a new kitchen, new baths, new roof, new windows, and new floors. Driveway and landscaping are set to be updated in the remaining renovations.