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.
