Borrower contacted ABL after an initial meeting at a local REIA (Real Estate Investors Association) event. Borrower was interested in the project as it had a high potential profit margin for a relatively straightforward renovation. Borrower was the project manager, but hired a general contractor to do the work. The borrower did not have a high level of experience, but did have a good level of liquidity and a well thought out project plan. Borrower lived within 30 minutes of the project.
Project was completed and sold in the anticipated time line at slightly above the appraised value.
