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Cash Out And Rehab Hard Money Loan In Philadelphia

Address: Philadelphia, PA
Work Description: Gut Renovation - Single Family
Purchase Price: $40,000
Renovation Budget: $115,000
Loan Amount: $115,000
Cash Available for Purchase: $25,000
Cash Available for Renovation: $90,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out & Rehabilitation
ARV: $252,000
Situation:

Asset Based Lending recently financed a cash out and rehabilitation loan for an attached single family home in Philadelphia, PA. The borrower paid cash for the property in 2016, held the property for 2 years, and began renovations in October 2018. The investor has completed $25,000 worth of renovations with $90,000 still left to complete. The demo of the interior included removing everything in the house down to the studs and part of the floors between the first and second stories. The house is currently valued at roughly $125,000 (as is) and borrower will do a complete renovation which includes adding a 1/2 bath and finishing the basement.

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