Hard Money Loan For Fix And Flip In Philadelphia
Address: Philadelphia, PA
Borrower Profile: Repeat Borrower
Work Description: Gut Renovation & Addition
Purchase Price: $142,000
Renovation Budget: $140,000
Loan Amount: $220,000
Cash Available for Purchase: $160,000 (Refinance and Work Complete)
Cash Available for Renovation: $60,000 (For Work To Be Completed)
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Refinance And Rehabilitation
ARV: $355,000
Situation:
This real estate investor came to ABL after buying a property for cash 1 year earlier, and investing $50,000 of his own money into the renovations. After complications with tenants and his personal situation caused the project to take longer than anticipated, ABL was able to refinance the existing loan as well as provide cash out for the work completed and finance a rehab escrow for the remainder of the renovation project.
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