Situation:

Asset Based Lending recently funded a hard money cash out refinance loan for a property purchased in cash 2 months ago. The subject property, located in Alpha NJ, was purchased for $89,000 and needs approximately $43,000 in renovations. The scope of work for rehab includes a new roof, new doors and windows throughout, updated tile and laminate flooring, as well as new cabinets and appliances in the kitchen. ABL was able to cash out the borrower $62,000 towards the purchase as well as finance 100% of the rehab.