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Hard Money Loan In Newark NJ For Cash Out And Rehab

Address: Newark, NJ
Borrower Profile: Experienced Investor
Work Description: Gut Renovation - Two Family
Purchase Price: $75,000
Renovation Budget: $90,000
Loan Amount: $132,000
Cash Available for Purchase: $42,000
Cash Available for Renovation: $90,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out & Rehabilitation
ARV: $235,000
Situation:

Asset Based Lending recently funded a hard money loan for a cash out and rehab project in Newark, NJ. The borrowers purchased the property with cash in June 2018, and are now seeking to cash out against their equity and borrow renovation funds. The $90,000 scope of work includes new siding and stairs, installing new furnaces and central air, gutting the kitchen and bathrooms, as well as new flooring and drywall throughout.

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