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Fort Myers Florida Hard Money New Construction Loan

Address: Fort Myers, FL
Borrower Profile: Repeat Borrower – Full-Time Real Estate Investor
Work Description: New Construction – Single Family Detached
Purchase Price: $9,500
Renovation Budget: $247,000 (Construction)
Loan Amount: $230,850
Cash Available for Purchase: $22,170
Cash Available for Renovation: $208,680 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Property New Construction Only
ARV: $310,000
Situation:

Asset Based Lending recently funded a new construction loan in Fort Myers Florida. The borrower is a repeat borrower and full-time real estate investor. The land parcel was purchased for $9,500 with a construction budget of $247,000 and total loan funded at 90% LTC. The proposed build is a single-family 3-bedroom, 2-bathroom measured at 1,590 square feet. Property will feature block and stucco façade, asphalt roof, impact windows, tile floors, solid core doors, and 10-foot-high ceilings. Kitchen will be highlighted by high-end finishes and appliances, while the bathrooms will feature enclosed rain shower and identical finishes. Project is expected to take six months with final sale occurring shortly after completion.

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