201-942-9089 info@abl1.net

Avon North Carolina New Construction Loan

Address: Avon, NC
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: New Construction — Single-Family & Guest House
Purchase Price: $419,000
Renovation Budget: $754,000 (Construction)
Loan Amount: $997,000
Cash Available for Purchase: $243,000
Cash Available for Renovation: $754,000 (Construction)
Loan Structure: 18 months interest only
Loan Purpose: Land Purchase & New Construction
ARV: $2,483,000

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.