Situation:

Asset Based Lending recently funded a hard money loan in St Petersburg, Florida for an experienced investor using ABL for the first time. The investor purchased the property in 2019 for $68,500 cash, and has since invested approximately $32,000 into the renovation. The subject property, a 1,158 square foot single family, is being converted from a 3 bed with 1.5 bathrooms to a 3 bed with 2 bathrooms, and needs $68,000 in rehab. The scope of work includes exterior cosmetic work, taking down a wall to open the floor plan, updating the bathrooms, completely gutting the kitchen, installing new floors throughout, and updating the entire electrical system.