New Castle Delaware Hard Money Loan
Address: New Castle, DE
Purchase Price: $115,320 (owned free and clear)
Loan Amount: $90,000
Cash Available for Purchase:
Cash Available for Renovation:
Loan Structure: 12 months interest only
Loan Purpose: Cash Out Refinance
ARV: $175,000
Situation:
The borrower approached ABL looking for cash out on a free and clear investment property in New Castle, Delaware. Property was appraised to be worth $175,000. Use of proceeds is to buy into a medical practice and to payoff off $10,000 in credit card debt. The exit strategy is sale of the property with listing to take place almost immediately. The house was originally purchased as a primary residence in September of 2015 but the investor has since moved out. The investor did $25,000 in rehab to the property after purchase including: a new bathroom, new kitchen floor, refurbished kitchen cabinets, refurbished deck, cleaned up the walls, and replaced the roof and air conditioning.
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