Situation:

Asset Based Lending recently financed a hard money loan for a fix and flip project in Naples, Florida. The borrower is an experienced general contractor with experience flipping land parcels and renovating homes for clients. The subject property is a single-family 3 bed / 2 bath with a detached garage that has been partially converted. The work that was completed was permitted, and the investor needs another $40,000 to finish the renovation by adding two bedrooms and air-conditioning. The main building is approximately 1340 sqft and the detached “inlaw suite“ is approximately 700 sqft.