Situation:

Asset Based Lending recently financed this cash out and rehab hard money loan for a project in Suffolk County, New York. The investor purchased the property cash several months ago, and was going to finance the renovations through a large national hard money lender who backed out during the closing process. The subject property is a 2,400 square foot single family home with 4 bedrooms and 2.5 bathrooms in need of approximately $120,000 in renovations. The scope of work includes a new roof, siding, and windows as well as gutting the kitchen and bathrooms, new sheetrock, updating the electrical system, and painting and flooring upgrades throughout.