Situation:

Asset Based Lending recently funded a fix and flip hard money loan in Cortlandt Manor, NY. The borrower is a repeat borrower and experienced fix and flip investor. The property was purchased for $200,500 with a renovation budget of $220,000 and total loan funded at 85% LTC. This property is a single-family 3-bedroom, 2-bathroom measured at 2,138 square feet. Renovation will include the addition of one bedroom and one-half bath at no additional square footage. Interior updates include new plumbing and electric, new water heater, hardwood floors, and structural repair to the foundation from termite damage. Exterior updates include replacing the siding and new chimney, roof, windows, and landscaping. Deck will also be extended. Project is expected to take between six and seven months with final sale occurring ASAP after completion.