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New Castle Delaware Hard Money Loan

Address: New Castle, DE
Purchase Price: $115,320 (owned free and clear)
Loan Amount: $90,000
Cash Available for Purchase:
Cash Available for Renovation:
Loan Structure: 12 months interest only
Loan Purpose: Cash Out Refinance
ARV: $175,000
Delaware hard money loan
Direct hard money lender in DE

Situation:

The borrower approached ABL looking for cash out on a free and clear investment property in New Castle, Delaware. Property was appraised to be worth $175,000.  Use of proceeds is to buy into a medical practice and to payoff off $10,000 in credit card debt.  The exit strategy is sale of the property with listing to take place almost immediately.  The house was originally purchased as a primary residence in September of 2015 but the investor has since moved out.  The investor did $25,000 in rehab to the property after purchase including:  a new bathroom, new kitchen floor, refurbished kitchen cabinets, refurbished deck, cleaned up the walls, and replaced the roof and air conditioning.

Fix and flip funded by hard money lender in delaware
Bathroom before renovations funded by DE private lender
DE direct hard money lender
Delaware fix and flip hard money loan