Hard Money Cash Out And Rehab Loan In Philadelphia PA

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Address: Philadelphia, PA

Borrower Profile: First Time Investor

Work Description: Fix & Flip - Single Family

Purchase Price: $20,000

Renovation Budget: $60,000

Loan Amount: $80,000

Cash Available for Purchase: $15,200

Cash Available for Renovation: $60,000

Loan Structure: 12 Months Interest Only

Loan Purpose: Cash Out And Rehabilitation

ARV: $165,000

Situation:

Asset Based Lending recently funded a cash out and rehab hard money loan in Philadelphia PA for a US Veteran who purchased the property cash in 2004. The subject property is a 926 square foot single family home in need of $60,000 worth of renovations. The scope of work for rehab includes new exterior finishing, repairing a leak in the roof, gutting the kitchen and bathrooms, installing new HVAC and plumbing, as well as adding a bedroom.