Hard Money Cash Out and New Construction Loan in St. Petersburg, FL
Address: St Petersburg, FL
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction Of 2 Single Family Homes
Purchase Price: $175,000
Renovation Budget: $525,000 (Construction)
Loan Amount: $560,000
Cash Available for Purchase: $20,000 (Cash Out)
Cash Available for Renovation: $525,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $900,000
Situation:
For this borrower’s 7th hard money construction loan with ABL, he is turning one single family home into two. After tearing down the house that currently occupies the land, he will build the two-story homes with high end finishes, exterior stone details, and glass showers and baths. The finished products will be energy efficient as well as beautiful, with high efficiency AC and LED lighting throughout. With so much experience in Florida new construction, this borrower will have no problem transforming the $175,000 property value into $900,000.
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