Situation:

Asset Based Lending recently funded a hard money cash out and rehab loan in Philadelphia PA for an experienced repeat borrower. The property was purchased for $54,022 with a renovation budget of $120,000 and a total loan funded at nearly 82% LTC with $27,000 available for cash out, less closing costs. The property is a three-story attached single family measured at 1920 square feet featuring 5-bedrooms and 1.5-bathrooms. The property will undergo extensive gut renovations that will transform property into 4-bedroom, 2.5 bathroom with an additional 450 square feet of living space. Entire inside will be gut to the studs, including knocking down walls on first floor to open space. Kitchen will be brand new and highlighted by granite countertops, center island, and above mid-range appliances. Top floor is currently two beds and no bath, which will be transformed into a master suite bedroom with master bathroom, also above mid-range. Cosmetic upgrades include all new windows, repairs for front porch, new roof, new gutters, and restoring the surrounding fence.