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Hard Money Loan For Cash Out And New Construction In Tampa Florida

Address: Tampa, FL
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction - Single Family
Purchase Price: $46,000
Renovation Budget: $153,000 (Construction)
Loan Amount: $159,000
Cash Available for Purchase: $6,000 (Cash Out)
Cash Available for Renovation: $153,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $310,000
Situation:

Asset Based Lending recently funded a cash out refinance and new construction loan in Tampa FL for a first-time borrower with 2 prior deals under his belt. The project includes the construction a single-family home on property purchased for $46,000 and a construction budget of $153,000 funded at 80% LTC with approximately $6,000 available to cash out. The home is designed as a 3-bedroom, 2 bathroom with a 1900 sq foot floor plan. This house is set to be highlighted by tile floors throughout, 10-foot-high ceilings, and chrome appliances. Our borrower expects the build to be finished in 4 months and to be sold soon after. ABL is happy to work with experienced real estate investors to provide the most reliable new construction and cash out refinance loans Florida has to offer.

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