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Dallas Texas New Construction Loan

Address: Dallas, TX
Borrower Profile: First Time Borrower — Full-Time Builder & Developer
Work Description: New Construction — Six Identical Condos
Purchase Price: $850,000
Renovation Budget: $2,046,000 (Construction)
Loan Amount: $2,539,000
Cash Available for Purchase: $493,000
Cash Available for Renovation: $2,046,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Cash Out & New Construction
ARV: $4,020,000
Condo new construction loan Texas
Hard money loan Dallas TX

Asset Based Lending recently funded a hard money new construction loan in Dallas Texas. The borrower is a full-time builder & developer in the Dallas metro area and first time borrower with ABL. The borrower was having issues with a separate Texas hard money lender, and the financial delays were going to hurt the project’s profitability. ABL’s lending for ground up construction offered the borrower 100% of construction financing for the proposed build of six identical 3-story condos. Each condo will be 3-bedroom, 3.5-bathroom measured at 2,408 square feet and come with an attached 2-car garage. These condos will be mid-level builds with a modern feel highlighted by 9-foot-high ceilings, shaker solid doors, LVP flooring with carpeting in bedrooms, and single hung windows. Kitchen will feature quartz countertops, shaker soft-close cabinets, tile backsplash, and Kitchenaide appliances. The master bathroom will feature dual vanities and enclosed glass shower with tub. Project is expected to take approximately 10 months to complete, and based on borrower’s previous work, the condos should pre-sell as they near their completion date.

New construction loan Dallas Texas
Dallas TX new construction loan