201-942-9089 info@abl1.net

Alvin Texas Hard Money New Construction Loan

Address: Alvin, Texas
Borrower Profile: First Time Borrower — Real Estate Investor
Work Description: Single Family - Refinance and New Construction
Purchase Price: $135,000
Renovation Budget: $224,030
Loan Amount: $497,000
Cash Available for Purchase: $272,970
Cash Available for Renovation: $224,030
Loan Structure: 12 months interest only
Loan Purpose: Refinance and New Construction
ARV: $960,000

Asset Based Lending recently funded a loan for a single-family new construction project in Alvin, Texas with a first-time borrower and real estate investor. The lot was purchased for $135,000 with a loan amount of $497,00 and a construction budget of $224,030. The new construction includes builder grade level finishes, Harty siding façade, shingle roof, double pane windows and 10-foot ceiling, bedroom, and kitchen. The borrower anticipates six months to complete the project and plans to sell in three months.