Cash Out And Construction Loan In Scotch Plains NJ
Address: Scotch Plains, NJ
Borrower Profile: Full Time Real Estate Investor
Purchase Price: $200,000
Renovation Budget: $316,000 (Construction)
Loan Amount: $396,000
Cash Available for Purchase: $80,000 (Cash Out At Close)
Cash Available for Renovation: $316,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out & New Construction
ARV: $648,000
Situation:
Asset Based Lending recently funded a rush closing for a borrower that purchased a property for cash and was looking to pull cash out in order to recoup purchase costs as well as fund the construction work. The scope of work includes adding over 1,200 square feet to the property and a gut renovation down to the studs of the existing structure. This is a big undertaking, but we’re confident this full-time investor will do an amazing job!
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