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Hard Money Loan For Cash Out And New Construction In Cape Coral FL

Address: Cape Coral, FL
Borrower Profile: Repeat borrower and experienced developer
Work Description: New Construction – Two Single-Family Homes
Purchase Price: $230,000
Renovation Budget: $698,000 (Construction)
Loan Amount: $742,000
Cash Available for Purchase: $44,000 (Cash Out)
Cash Available for Renovation: $698,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $1,373,000
Situation:

Asset Based Lending recently funded a hard money loan in Cape Coral FL for a cash out and new construction of two single-family homes. The funding was provided to a repeat borrower with a high level of experience developing and flipping houses. The land was purchased for $230,000 with a total construction budget of $698,000 with the total loan funded at nearly 80% LTC. The project consists of two nearly identical single-level homes that will be approximately 2,182 square feet and feature three bedrooms with three baths, with approximate ARVs of $685,000 and $688,000 respectively. The homes will be highlighted by high end finishes including custom cabinets, granite countertops, and large master suite. Each home will also feature a pool as well as private dock with canal access. ABL is happy to provide experienced investors with the most reliable hard money loans for new construction Florida has to offer.

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