Situation:

Asset Based Lending recently funded this hard money loan for a repeat borrower buying a 1600 square foot single family investment property in Westchester, NY. The borrower himself is a general contractor, and his wife is the real estate agent that found this deal – in addition to being a property manager! The borrowers have decided to finance the renovations with their own liquidity. Their scope of work for renovations includes a new roof and siding, finishing the basement, and gutting the kitchen and bathrooms.