Hard Money Loan In Newark NJ For Cash Out And Rehab

Back to All Case Studies

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.