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Cash Out And Rehab Hard Money Loan In Alpha NJ

Address: Alpha, NJ
Work Description: Fix & Flip - Single Family
Purchase Price: $89,000
Renovation Budget: $43,000
Loan Amount: $105,000
Cash Available for Purchase: $62,000 (Cash Out)
Cash Available for Renovation: $43,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And Rehabilitation
ARV: $198,000
Situation:

Asset Based Lending recently funded a hard money cash out refinance loan for a property purchased in cash 2 months ago. The subject property, located in Alpha NJ, was purchased for $89,000 and needs approximately $43,000 in renovations. The scope of work for rehab includes a new roof, new doors and windows throughout, updated tile and laminate flooring, as well as new cabinets and appliances in the kitchen. ABL was able to cash out the borrower $62,000 towards the purchase as well as finance 100% of the rehab.

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