Queens NY Cash Out Refinance And New Construction
Address: Queens, NY
Borrower Profile: New investors
Work Description: Completion of New Construction project
Renovation Budget: $169,000
Loan Amount: $600,000
Loan Structure: 12 months interest only
Loan Purpose: Cash Out Refinance And New Construction
ARV: $1,400,000
Situation:
This borrower came to Asset Based Lending looking for a hard money loan to finish the construction of a catering hall and community center. The construction was roughly two-thirds completed, and being managed by a contractor with over 20 years of experience.
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