Situation:

Asset Based Lending recently funded a hard money loan for a partially completed fix and flip project in Jersey City, New Jersey. The investor is buying the project from the previous owner who started the work, but the 2,300 sqft single family home still needs another $50,000 worth of renovations. The scope of work includes installing new floors throughout, gutting the kitchen and bathrooms, and finishing the home with higher end appliances and furnishings.