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Chicago Illinois Hard Money New Construction Loan

Address: Chicago, Illinois
Borrower Profile: First Time Borrower — Real Estate Investor
Work Description: New Construction — Single Family Detached
Purchase Price: $695,000
Renovation Budget: $950,000 (Construction)
Loan Amount: $1,398,000
Cash Available for Purchase: $448,000
Cash Available for Renovation: $950,000 (Construction)
Loan Structure: 15 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,450,000
Best Hard Money Lender in IL
New Construction Loan in Chicago

Asset Based Lending recently funded a loan for a single-family new construction project with a first time borrower and real estate investor in Chicago, Illinois. The land was purchased for $695,000 with a construction budget of $950,000 and a loan amount of $1,398,000. The project will feature a welcoming first floor with a walk-through porch leading into an open concept living, dining, and kitchen area, which extends to a family room at the back. A powder room will be located on the left, and the kitchen will include an island seating six. The second floor will house a primary bedroom at the front with his-and-her walk-in closets, a master bath with a soaking tub, steam shower, and dual vanities. This floor will also have two secondary bedrooms sharing a bathroom, a laundry closet, and a bedroom with a private bathroom and walk-in closet. The rooftop will have a deck, and the basement will include a recreation room, a bedroom/office, a powder room, a laundry area, and a bedroom with a private bathroom and walk-in closet. The borrower anticipates 8 months for construction and two months to sell.

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