Situation:

Asset Based Lending recently funded a hard money fix and flip loan for a repeat borrower and experienced investor on Long Island. The subject property is an REO, currently a 5 bed / 3.5 bath 4100 square foot single family home in Suffolk County, New York. This project calls for a substantial rehab of $150,000. The scope of work for renovations includes replacing the exterior doors and deck, refinishing the hardwood floors throughout, gutting the kitchen and bathrooms, as well as major landscaping and exterior cleanup. ABL was able to finance this hard money fix and flip loan at 88% of purchase and 100% of rehab.