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Hard Money Loan In Somerville Massachusetts For Condo Conversion

Address: Somerville, MA
Borrower Profile: First-Time Borrower – Experienced Investor & Contractor
Work Description: Gut Renovations – Condo 5 Units
Purchase Price: $1,560,000
Renovation Budget: $1,000,000
Loan Amount: $1,925,000
Cash Available for Purchase: $925,000 (Refi)
Cash Available for Renovation: $1,000,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Refinance And Rehabilitation
ARV: $4,225,000
Situation:

Asset Based Lending recently funded a refinance and rehab hard money loan in Somerville Massachusetts. The property was purchased for $1,560,000 with a renovation budget of $1,000,000 and total loan funded at 75% LTC. This first-time borrower and experienced contractor used another lender to purchase the property but was recommended by family to use ABL for renovation funding. The plan is to completely gut the current 4-unit condominium, which is divided into two buildings, transforming the interior and exterior into nearly new buildings while adding a 5th unit to the property. After construction is complete the combined property bed and bath count will be 12-bedroom, 12-bath measured at a total 6,170 square feet. Both buildings will receive new electrical, new plumbing, and new sprinkler system. Exterior updates will include a new roof, new windows, new doors, and a new outdoor deck for each unit. Construction is expected to take approximately nine months and the borrower will sell the property within three months of project completion.

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