Hard Money Loan In Philadelphia PA
Address: Philadelphia, PA
Borrower Profile: Repeat Borrower
Work Description: Fix & Flip - Single Family
Purchase Price: $162,500
Renovation Budget: $55,000
Loan Amount: $184,000
Cash Available for Purchase: $129,000
Cash Available for Renovation: $55,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Fix And Flip Loan
ARV: $280,000
Situation:
Asset Based Lending recently funded a hard money loan for a fix and flip project in Philadelphia, PA. For the investor’s second hard money loan with ABL, he’s buying an attached 1600 sqft single family home in need of $55,000 in renovations. The scope of work for renovations includes gutting the kitchen, building a new deck and HVAC system, as well as other cosmetic updates throughout.
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