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Hard Money Loan For New Construction Palm Coast Florida

Address: Palm Coast, FL
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - 3 Single Family Homes
Purchase Price: $60,000
Renovation Budget: $405,000 (Construction)
Loan Amount: $372,000
Cash Available for Purchase: $40,000
Cash Available for Renovation: $332,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $660,000 (Total)
Situation:

Asset Based Lending recently funded a hard money loan for the new construction of 3 single family homes in Palm Coast FL for a first-time borrower but experienced investor. This is our borrower’s first time working with a hard money lender, and we were proud to fund their next project to help scale their business. The borrower purchased each piece of land in cash for $20,000 per parcel and intends to build 3 single family homes for about $110,000-$120,000 each that will sell for approximately $220,000 per house. Construction is already underway, with much of the beginning work already completed. The properties each have identical floor plans. Each residence is designed to be a mid-level single-family home measured at 1406 square feet with 3 bedrooms and 2 bathrooms. Our borrower has successfully built this identical plan several times and sold each one in a timely manner. ABL is always excited to work with new borrowers, and this deal marked our first deal for Palm Coast, Florida!

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