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Cash Out And Rehab Hard Money Loan In Hackensack NJ

Address: Hackensack, NJ
Borrower Profile: Repeat Borrower
Work Description: Gut Renovation - Single Family
Purchase Price: $252,000
Renovation Budget: $102,000
Loan Amount: $269,000
Cash Available for Purchase: $167,000
Cash Available for Renovation: $102,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out & Rehabilitation
ARV: $415,000
Situation:

Asset Based Lending funded a hard money loan for a repeat borrower who purchased a property in cash through a Sheriff’s Sale and is now in need of renovation funds. ABL’s cash out and rehab loan provided the investor with $167,000 in cash to reimburse for the property purchase as well as $102,000 for the renovations. The scope of work for renovations is extensive and includes gutting the kitchen and bathrooms, installing new floors, adding central air, and other cosmetic upgrades throughout.

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