Situation:

Asset Based Lending recently funded a hard money fix and flip loan in Staten Island New York for a repeat borrower with previous real estate investing experience. The property was purchased for $185,500 with a renovation budget of $71,000 and total loan funded at 89% LTC. The home is measured at 1200 square feet with 3-bedrooms, 1-bath and will remain at that sizing throughout the renovations. The walls and floors experienced extensive water damage and will require repairs in addition to the other renovations planned for the property. The bath and kitchen will be undergoing cosmetic upgrades as well as new roofing.