Asset Based Lending recently funded a hard money fix and flip loan in Scarsdale New York. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $1,901,000 with a renovation budget of $583,000 and total loan funded at 79% LTC. Due to the scope of work for this project, ABL granted an 18-month loan term instead of the typical 12 months. Property will receive a vertical addition and undergo gut renovation that will include a finished basement with rec room, gym, media room, and walkout to patio. First floor will be open concept and feature a guest suite along with a home office. Home will be highlighted by high-level luxury finishes. Project is expected to take up to 12 months with final sale occurring shortly after completion.
