Situation:

Asset Based Lending recently financed a hard money loan for a fix and flip project in Laurel, Maryland. The investor team is new to ABL, but is experienced with several flips and rentals under their belt. The subject property is a 1,000 square foot 3 bed / 1.5 bath (plus basement) single family home. The $48,000 scope of work for renovations includes converting the floor plan to a 4 bed / 3 bath with the finished basement, upgrading the HVAC and electrical systems, and replacing the flooring throughout.