201-942-9089 info@abl1.net

Hard Money Construction Loan in Philadelphia

Address: Philadelphia, PA
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction - Duplex
Purchase Price: $1,000,000
Renovation Budget: $1,250,000
Loan Amount: $1,250,000
Cash Available for Purchase: $100,000
Cash Available for Renovation: $1,150,000
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction Only
ARV: $2,920,000

Situation:

This experienced builder and investor is starting the second phase of a major new construction project in Philadelphia. For this borrower’s fifth deal with ABL, he is building eight brand new 2-family homes with a total ARV of nearly $6 million. In the first phase, he completed four of the buildings; he will use this $1.25 million dollar loan to finish the project with four more modern, high-end duplexes. After fifteen projects completed in Philadelphia over two years, this investor certainly knows what buyers are looking for; it’s no wonder three of the duplexes have already sold.