201-942-9089 info@abl1.net

Charleston South Carolina Hard Money New Construction Loan

Address: Charleston, South Carolina
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family
Purchase Price: $110,000
Renovation Budget: $314,000 (Construction)
Loan Amount: $381,000
Cash Available for Purchase: $67,000
Cash Available for Renovation: $314,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $590,000

­­Asset Based Lending recently funded a new construction project for a repeat borrower and experienced real estate developer in Charleston South Carolina. This borrower completed 1 new construction project with ABL in 2023, and 10 prior to that in the last three years. The parameters of this deal made it possible for ABL to extend 89.86% Loan to Cost. This borrower plans to construct a single-family home with a 2-car garage. The scope of work for the first floor includes an open plan kitchen and living space and a half bath. The kitchen will feature quartz countertops and stainless-steel appliances. For the second floor, the primary bedroom will have an ensuite bathroom and walk-in closet, and the remaining bedrooms will share a bathroom with a standing shower. The exterior of the home will have standard windows and Hardie plank siding. This project is expected to be completed in about 6 months and the borrower will list the property for final sale.