201-942-9089 info@abl1.net

Reading Pennsylvania Hard Money Property Purchase Loan

Address: Reading, PA
Borrower Profile: First-Time Borrower — Experienced Real Estate Investor
Work Description: Purchase Only — Single-Family Attached
Purchase Price: $217,500
Renovation Budget: $0
Loan Amount: $174,000
Cash Available for Purchase: $174,000
Cash Available for Renovation: $0
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase Only
ARV: $330,000
Situation:

Asset Based Lending recently funded a hard money property purchase loan in Reading Pennsylvania. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $217,500 with a total loan amount of $174,000 at 80% LTC. The property is a single-family 4-bedroom, 2-bathroom measured at 3,528 square feet.  The borrower plans on holding the property as an income-producing asset with ABL’s rental refinance program. Property requires cosmetic renovation that the borrower will handle with their personal financing and then manage the rental property themselves. After a short seasoning delay, the borrower will refinance the loan into the 30-year fixed rental loan.