Situation:

Asset Based Lending recently funded a hard money loan for an experienced real estate investor buying a fix and flip property in White Plains, New York in need of a gut renovation. The subject property is a single family REO, currently 1,400 square feet with 3 bedrooms and 2 bathrooms. The $88,000 scope of work includes adding an additional 1,400 square feet with 2 additional bedrooms and 1 additional bathroom, installing a new roof and gutters, exterior landscaping, upgrading the electrical systems, opening the floorplan between kitchen and living room, and other upgrades throughout.