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Cape Coral FL Cash Out & New Construction Hard Money Loan

Address: Cape Coral, FL
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $38,700
Renovation Budget: $219,205 (Construction)
Loan Amount: $219,000
Cash Available for Purchase: $70,000 (Cash Out)
Cash Available for Renovation: $149,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $370,000
Situation:

Asset Based Lending recently funded a hard money cash out and new construction loan in Cape Coral FL for a repeat borrower with extensive real estate investing experience. The parcel of land was purchased for $38,700, including $12,500 to install a new seawall, and will build with a construction budget of $149,000 with total loan funded at 85% LTC. The proposed build will be a 4-bedroom, 2-bathroom with a pool, measured at a total square footage of 2551 ft.┬▓ with 1829 ft.┬▓ under air. The plans follow an identical build that the borrower has completed in the nearby area and will be an upper mid-range home for the market. Construction is expected to take approximately four months and final sale is expected one month after completion.

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