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.