Avon North Carolina New Construction Loan
Asset Based Lending recently funded a hard money new construction loan in Avon North Carolina. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $419,000 with a construction budget of $754,000 for a total loan funded at 85% LTC. The proposed build is for a single-family 5-bedroom, 4-bathroom along with a 1-bedroom suite guest house measured at a combined 4,200 square feet. Due to the scope of work, ABL granted an 18-month loan instead of the typical 12-month term. The borrower will hold the property as an income-producing asset using ABL’s rental refinance program. Property will be highlighted by luxury-rental finishes, pine accent walls, cedar ceilings, impact windows, 10-foot-high ceilings, and solid core doors. Kitchen will feature custom dual fuel package, stainless steel appliances, and large island. Bathrooms will feature custom tile work and free-standing tubs. Construction is expected to take eight months with loan refinance occurring shortly after completion.