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Hard Money Construction Loan In St Petersburg Florida

Address: St Petersburg, FL
Borrower Profile: Experienced Investor & Builder
Purchase Price: $86,000
Renovation Budget: $348,000 (Construction)
Loan Amount: $348,000
Cash Available for Purchase: $0
Cash Available for Renovation: $348,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction Only
ARV: $590,000

Situation:

Asset Based Lending recently funded a hard money loan for the construction of two identical single family homes on contiguous lots in St Petersburg, Florida. The 1,685 square-foot homes will have higher than mid-grade finishes including crown molding, floor to ceiling tile in the showers, and 9.5 feet ceilings. The investor is even going to include a chandelier in the dining room! With this borrower’s experience and track-record, we’re sure the finished products will be amazing!