201-942-9089 info@abl1.net

Atlanta Georgia Hard Money New Construction Loan

Address: Atlanta, Georgia
Borrower Profile: Repeat Borrower — Real Estate Developer
Work Description: New Construction — 4 Townhomes
Purchase Price: $506,250
Renovation Budget: $1,245,732.75 (Construction)
Loan Amount: $1,488,000
Cash Available for Purchase: $278,550
Cash Available for Renovation: $1,209,450 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Refinance & New Construction
ARV: $2,386,000
Situation:

­Asset Based Lending recently funded a new construction project for a repeat borrower and experienced real estate developer in Atlanta Georgia. This borrower purchased a parcel using another hard money lender for financing. For this development project, ABL is refinancing the original hard money loan that was secured for the property purchase and make ABL the first lien position for the new construction loan. This borrower is an experienced real estate developer with three completed projects in the last three years. With the ground up construction loan this borrower intends to build four attached townhomes each with three bedrooms and three and a half bathrooms. These properties will be finished with hardwood floors, granite countertops Samsung appliances, and Pella windows. This borrower expects to complete the ground up construction on these four townhomes in ten months, at which time they will list each property for final sale.