201-942-9089 info@abl1.net

Covington Georgia Hard Money New Construction Loan

Address: Covington, Georgia
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family
Purchase Price: $304,000
Renovation Budget: $1,870,000 (Construction)
Loan Amount: $1,956,000
Cash Available for Purchase: $315,275
Cash Available for Renovation: $1,640,725 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Refinance & New Construction
ARV: $2,801,000

Asset Based Lending recently funded loan refinance and new construction loan for a repeat borrower in Covington Georgia. This loan is contributing to the borrower’s plans to build a 52-unit subdivision in Covington GA. Prior to contact ABL for funding on this new construction project, the borrower completed the requirements to subdivide the land and complete any necessary horizontal construction. This loan covers one 2,300 square foot, 5-bedroom, 3.5-bathroom property. This property will be finished with cedar siding on the exterior, luxury vinyl flooring throughout the property, open concept kitchen and living area, and stainless-steel appliances. Construction is expected to last 10 months, at which time the borrower will refinance and hold this property in their portfolio as a rental.