Situation:

Asset Based Lending recently funded a fix and flip loan in New Rochelle New York. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $850,000 with a renovation budget of $31,800 and total loan funded at 80% LTC. The property is a single-family 5-bedroom, 4.5-bathroom measured at 4,275 square feet. Renovation will be largely cosmetic with repairs to the garage door, addition of carpet to the floors, and fresh coat of paint for the house. The major points of work will be gutting and finishing the master bathroom with new tile floor, new vanities, and new fixtures. Kitchen will also receive new cabinets, new backsplash, and new stainless steel appliances. Renovation is expected to take between one and two months with final sale occurring shortly after project completion.