Cash Out And Rehab In Staten Island, New York
Address: Staten Island, NY
Borrower Profile: Father & Son Team
Work Description: Gut Renovation Of Single Family Property
Purchase Price: $308,000
Renovation Budget: $62,000
Loan Amount: $286,000
Cash Available for Purchase: $224,000 (Cash Out)
Cash Available for Renovation: $62,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And Property Rehabilitation
ARV: $445,000
Situation:
Asset Based Lending recently funded a hard money cash out and property rehab loan for a father & son investing team in Staten Island, New York. The son is a licensed realtor, and found the subject property in foreclosure. The rehab funds will be used to complete a total gut renovation: new kitchen, rood, windows, bathrooms, and opening up the floor plan.
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